18th September 2015
The popularity of programmes like Downton Abbey have had a ‘halo effect’ for prices of homes situated around stately properties.
Research by Halifax shows the Downton ‘halo effect’ can add as much as £41,000 to the cost of living near a stately home.
Buying a house close to one of Britain’s stately homes costs on average £41,000 more, with the average house price in an areas with a stately home at £319,203 compared to an average of £277,990 in the counties without stately homes.
A total of 76% of postal areas with stately homes have higher house prices than neighbouring locations.
Homes close to Kenwood House in Hampstead Heath, North London, command the highest premium of £770,023 (120% in cash terms, followed by Ham House in Richmond-upon-Thames at £513,918 or 116%. Ightham Mote in Sevenoals has a premium of 82% or £231,230.
Outside of southern England, the areas with stately homes commanding the highest premiums are Tabley House, Tatton Park and Peover Hall and Gardens in Cheshire, with an average house price premium of 83%, or £181,517.
Owners of properties in areas close to Britain’s many stately homes have seen the value of the home rise by an average of £89,506 over the past 10 years, from £229,697 in 2005 to £319,203 – equivalent to £746 a month.
Martin Ellis, housing economist at Halifax, said: ‘Stately homes are not only attractive places to visit but, as our research shows, desirable places to live near to. Since 2005 the average house price growth in areas close to stately homes has been more than double the national figure. It can cost homebuyers, on average, £41,000 extra to live nearby to a stately home compared to neighbouring areas.’