History and heritage can add to house prices

History and heritage can add to house prices

We all know that factors such as being close to fantastic transport links and favourable schools can contribute to an inflated house price, but did you know that homes with a geographical link to heritage and history can also see their prices rising above the average?

According to a study compiled by Halifax, those who are buying homes that are located near one of Britain's stately homes can expect to pay a price that is on average £41,000 higher than neighbouring areas. 

The average house price in an area with a stately home was £319,203 in May 2015 compared to a national average of just over £277,000. This means that people buying near to stately homes are now expected to pay premiums of up to 15 per cent. The report said that 76 per cent of postcodes with a stately home nearby have a higher price than areas around them. 

Homes that are situated near to Kenwood House in Hampstead Heath currently command the highest premium of £770,023 or 120 per cent more than the national average. Coming in second place is Ham House in Richmond upon Thames with a premium of 116 per cent, with the top three rounded off by Ightham Mote in Sevenoaks and its 82 per cent premium. 

The majority of the homes that command the highest premiums are located in the south of England, although across the nation it is still the case that nearly all stately homes can influence surrounding areas and their prices. 

"Stately homes are not only attractive place to visit but, as our research shows, desirable places to live near to," said Martin Ellis, Housing Economist at Halifax. 

"Since 2005 the average house price growth in areas close to stately homes has been more than double the national figure. It can cost home buyers, on average, £41,000 extra to live nearby to a stately home compared to neighbouring areas," he added.