'Downton effect' boosts house prices: Properties near stately homes cost £41,000 more than an average property in the same county

  • Homeowners living near stately homes have seen a rise of £9,000 per year
  • Three-quarters of areas with well-known estates had higher house prices
  • Buyers are willing to pay a premium to live close to UK's grandest estates
  • Hampstead Heath, Bakewell and Edgbaston have all reaped the benefits

By Louise Eccles Property Correspondent For The Daily Mail

Published: 18:53 EST, 17 September 2015 | Updated: 23:37 EST, 17 September 2015

Properties near stately homes cost £41,000 more than the average house in the same county, research reveals.

A study claims the ‘Downton Abbey effect’ means that buyers are willing to pay a premium to live close to some of Britain’s grandest estates.

Halifax research found house prices in towns with a stately home typically cost £319,000 compared to £278,000 across the county as a whole.

A new report shows that three-quarters of areas with well-known estates had higher house prices than the county average.

Price hike: A study claims the ‘Downton Abbey effect’ means that buyers are willing to pay a premium to live close to some of Britain’s grandest estates

Price hike: A study claims the ‘Downton Abbey effect’ means that buyers are willing to pay a premium to live close to some of Britain’s grandest estates

Reaping the rewards: Homeowners lucky enough to live near a stately home have seen their property rise in value by about £9,000 every year over the last decade

Reaping the rewards: Homeowners lucky enough to live near a stately home have seen their property rise in value by about £9,000 every year over the last decade

Homeowners lucky enough to live near a stately home have seen their property rise in value by about £9,000 every year over the last decade.

This equates to about £89,500 since 2005, compared to the national average of £39,000.

Homes in Hampstead Heath, close to Kenwood House, currently command the highest premium of £770,000 more than the London average. Houses in upmarket Hampstead Heath typically cost £1.4million.

This was followed by Richmond-upon-Thames, which boasts Ham House, where homes cost £513,000 more than the typical Surrey property.

The study found there were fourteen areas with stately homes where properties cost at least £150,000 more than the county average.

These include Edgbaston, in Birmingham, which is close to Winterbourne House & Garden, and Bakewell in the Peak District, which is near to Chatsworth House.

Homes close to Highclere Castle, where BBC period drama Downton Abbey is filmed, cost £155,000 more than a typical Berkshire house.

Premium prices: Homes in Hampstead Heath, close to Kenwood House (pictured), currently command the highest premium of £770,000 more than the London average. Houses in upmarket Hampstead Heath typically cost £1.4million

Premium prices: Homes in Hampstead Heath, close to Kenwood House (pictured), currently command the highest premium of £770,000 more than the London average. Houses in upmarket Hampstead Heath typically cost £1.4million

Close second: Hampstead Heath is followed by Richmond-upon-Thames, which boasts Ham House (pictured), where homes cost £513,000 more than the typical Surrey property

Close second: Hampstead Heath is followed by Richmond-upon-Thames, which boasts Ham House (pictured), where homes cost £513,000 more than the typical Surrey property

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

‘Since 2005 the average house price growth in areas close to stately homes has been more than double the national figure.’

In Knutsford, in Cheshire, houses sell for £181,000 more than the county average thanks its proximity to three stately homes – including Tabley House, Tatton Park and Peover Hall and Gardens.

The only area which has not benefited from its grand connections is Coleraine in Northern Ireland. Despite being close to Downhill House and Mussenden Temple, prices have fallen by £13,000 in the last decade.

 

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