What impact will the Royal Wedding have on house prices?

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4 May 2018

The Royal Wedding, great news for the economy – even better news for the property market!

Author: Antony Gibson

It’s no secret that big events held in the UK such as the Olympics and royal weddings have a positive effect on the economy. The Guardian has recently reported that in the lead up to the Royal Wedding retailers can expect an additional £60 million spending thanks not only to the influx of tourists but also the national pride that will no doubt sweep the nation.

Something which is often overlooked is the impact this boost in the economy has on the property market across the UK. Research carried out by My Home Move suggests that it’s not just Windsor’s residents who will benefit from the Royal Wedding - when looking at the monthly increases in house prices in years with royal weddings or births, the biggest month on month increase occurred in the same month as the weddings or births!

The month of William and Kate’s marriage saw the biggest month on month increase for 2011 sitting at 1.55%, the wedding of Charles and Camilla had a similar effect back in 2005 with a month on month increase of 1.49%. And, it’s not just weddings which boost the market, the birth month of Prince George saw prices rise by 1.12% month on month whilst the birth of Princess Charlotte saw the modest increase of 1.08% month on month.

With many areas across the South having royal connections, we are set to see an increase in tourism and, as a result, increased spending in the local economy – this will in turn positively impact the housing market. With more profit to be made, independent shops and restaurants along with farmers markets will thrive and attract more people into the local area increasing desire from buyers and tenants to move into the area.

This notion is backed up by research carried out by American Express which found that on average, in towns with lots of independent shops and eateries on the high street, properties are on average £40,000 more expensive. This is great news for locations such as Gerrards Cross, Sunningdale and Henley-on-Thames with bustling high streets full of independent shops and restaurants as they are also likely to benefit from the Royal Wedding effect.

Antony comments; “Whilst there is some debate on which came first, the high-end businesses or affluent residents, one thing we can be certain of, is properties in close proximity to amenities such as independent shops, high-end restaurants, are highly desirable and therefore achieve higher prices.

“The same concept can be applied to the Royal Wedding effect on house prices, the aspirational, glitz and glamour associated not only with the wedding but other locations associated with royalty will likely see a similar boost in desirability and possibly house prices.”

If you are thinking of selling or letting your home and would like to find out how much it is currently worth, get a free, no-obligation valuation on 01344 985 666.

 

 

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