Edinburgh house prices: Addresses with royal associations see reduction in property values, according to survey
Living in a street with a royal name in Edinburgh decreases property values, according to a new survey.
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In contrast to many places south of the border, a regal ring to an address here led to a 2.81 per cent dip in sale prices, which meant the average property price falling from £323,712 to £314,622.
But a royal address in East Lothian saw house prices fall by a massive 21.63 per cent, according to the study, the average dropping from £282,249 to £221,200, putting the county in the top ten areas where royal associations spelled reduced property values.
West Lothian was not far behind with a 17.98 per cent drop, meaning a reduction in average price from £198,994 to £163,221.
However, in Midlothian a royal link was marginally a positive with prices increasing by 0.49 per cent where there was, for example, a Duke, a Queen or a Victoria mentioned in the address. That pushed average house prices up from £246,179 to £247,383.
The survey by Uswitch.com/mortgages found Tower Hamlets in London was the area most enthusiastic about a royal address, with values increased by 29.95 per cent, boosting the average price there from £454,411 to £590,522.
The least enthusiastic was Orkney, where prices fell by 32.35 per cent, taking the average down from £243,486 to £164,709.
But both Glasgow and Aberdeen were in the top ten areas seeing price rises with royal associations. Glasgow was in fifth place, with a 17.65 per cent increase, taking the average from £162.186 to £190,816. And Aberdeen was sixth, with the average price up by 15.21 per cent from £150,818 to £173,761.
The survey found over 140,000 street names in the UK with royal references, such as King, William, Charles, Crown, Lord, Earl, Buckingham, Palace, Castle, Balmoral and Windsor.
And it turned out the specific royal word used made a difference.
Uswitch.com/mortgages said Edinburgh had a total of 423 streets with a royal word, Royal being the most common with 89 streets including it. And despite the overall finding that royal names reduced house prices, properties in streets with Royal in their name saw a small increase in their value of 4.82 per cent.
Meanwhile, in West Lothian, where there are 264 streets with a royal word in their name, the most common is Queen, with 102 streets including it. And compared with the overall fall of 17.98 per cent in the value of royal-linked addresses, streets with Queen in their name saw a property prices plunge by 35.33 per cent.
And in Midlothian, which has 209 streets using a royal word in their name, Charles is the most common, with 62 streets including his name. And on average, while the overall increase for royal-linked addresses was 0.49 per cent, streets with Charles in their name saw prices rise by 16.26 per cent.
Across the whole of the UK, the survey found Palace was the royal word that gave homes the biggest price increase, raising a home’s value by over a fifth (20.40 per cent).
And, perhaps surprisingly, Harry was the royal-family name that increased house prices most. Naming a street after the Duke of Sussex increased house values by 7.26 per cent on average, while streets using the name of his brother Prince William saw an average fall of 2.57 per cent.