Homeowners in Preston could get more money for their property if they live on a street with a royal name
With 2022 marking 70 years of Queen Elizabeth II on the throne, enthusiasm for the royal family can be found in all corners of British life. And with over 140,000 royal street names in the UK, even the property market can be affected by the monarchy’s admirers. But how much can a royal street name increase your home’s value in Preston?
By comparing property prices on royal-named streets, such as “King” and “William” to those in the surrounding area uswitch.com/mortgages discovered the UK regions where a royal street name affects property value the most – and Preston is on the list.
At 29.95%, homeowners in Tower Hamlets will see the biggest increase in property value by living on a royal street. The average home in Tower Hamlets costs £454,411, but those on a royal street could sell their homes for £590,522, with “William” and “Royal” the most popular royal street names in the area.
Properties on a royal-named street in Greenwich experience the second-largest price increase in the UK. Costing £374,979 on average, properties increase by 26.48% if they are located on a royal-named street - most commonly “King” and “Victoria” - where they sell for £474.282 on average.
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How much more could my house be worth in Preston?
If your live on a royal-named street in Preston you could get 9.66% more for your house. The average price for a property in Preston is £151,669, but if you live on a royal-named street, you could expect to get £166,317.
In Lancashire in general, homeowners will be able to sell their homes for 0.9% more. Homes in the area sell for £199,482 on average, while those on a street on a royal name sell for £201,279 on average, meaning a significantly larger price tag for residents of one of Lancashire’s 100 royally-named streets.
Click here to see a history of royal-names streets in Preston.