Living in the Shadow of a London Landmark Will Cost You

For London residents that want to be close to the city’s most iconic landmarks, those living near Royal Albert Hall, the famed rotund concert venue in South Kensington, are having to pay the most for that luxury, according to a report from estate agency Benham and Reeves.

Property prices surrounding the Royal Albert Hall clock in at a significant £3.1 million (US$4.4 million) on average, equating to a premium of 524% compared to the typical London home price of £500,310, according to the data, released Wednesday.

Homes in and directly around Piccadilly Circus, a spot best known for its neon billboards, command the second-highest premium among the capital’s most famed spots. Homebuyers would need to pay an average of almost £2 million to live in the enclave, a 299% premium.

Westminster Abbey rounded out the top three, with buyers needing to pay £1.9 million, 275% more than the typical London home, to purchase property close to the famous church and World Heritage Site.

“Given that the majority of London’s most famous landmarks are situated in some of the capital’s more prestigious neighborhoods, it comes as no surprise that property prices command a notable premium,” Marc von Grundherr, director of Benham and Reeves, said in the report.

“A property purchase in the top tiers of the London market is very much about status and what better way to boost this status by purchasing a home with the likes of the Royal Albert Hall or Big Ben on your doorstep,” he said.

Landmarks can draw buyers in the same way that a nearby transportation link or school does, he added. “Homes surrounding them are particularly popular amongst foreign buyers keen to secure a true slice of the London lifestyle.”

Article Source: Mansion Global