Famous landmark property values take a hit

Research by GetAgent.co.uk has found that the price of buying a home near one of the UK's most famous landmarks has dropped by -6% in the past year, despite a pandemic market boom pushing the average UK house price up by 10.8% during the same time.

This property price decline, equivalent to almost £40,000, is based on the current average asking price for homes within the same postcode as these famous landmarks versus the same time last year.

But it’s not all bad news for those looking for a home with a particularly special view as despite the overall drop, homes near some famous landmarks have experienced impressive price growth.

The influence of the pandemic is undeniable in this sense, with the Lake District in Lancashire topping the table with a 22% increase in the past year alone, followed by The Iron Bridge Gorge in Shropshire which has seen local house prices rise by 19%.

The table-topping performance of these landmarks mirrors the overall effect of the pandemic on the UK housing market which has seen a huge increase in buyer demand for locations that boast green, open spaces at a more affordable price.

The reduction in demand for city living during the pandemic, particularly across the London market, is a trend that is also apparent when it comes to famous landmark property prices, with the Tower of London seeing the largest annual decline in the average asking price at -15%.

However, London’s much-reported declining property market has started to show signs of a bounce back in more recent months, and Buckingham Palace places third on the table after asking prices have increased by 13% in the past year.

The Houses of Parliament and Westminster Abbey have also seen strong growth and these landmarks are also home to the highest average asking price of all landmark property markets at over £1.3m.

Other famous landmarks where asking prices have dropped in the last year include Hadrian's Wall (-3%), York Minster (-1%), and Nelson's Column (-1%).