Palace rises 9000% in value since 1952
Filed under: House Prices
Buckingham Palace has risen a whopping 9000% in value in the past 60 years, according to figures from Nationwide - from around £11m when she first become Queen to a current estimated worth of £1bn. So how has the rest of the property market fared since the Queen's accession to the throne?
Windsor Castle has also seen a massive rise in value, from an estimated value of £2m when the Queen began her reign to its current worth of around £189m.
The rest of the market has witnessed a hike at a similar rate, rising by a remarkable 8,500% in the past 60 years, according to figures from Nationwide. The building society's house price index has been monitoring property prices since 1952.
"It has run for the Queen's entire reign," said Robert Gardner, Nationwide's chief economist. "During this time the average UK house price has increased from £1,891 to £162,722 according to our data."
When King George VI died on 6 February 1952 and Princess Elizabeth learned of her father's death while touring Kenya, the average UK house price stood at £1,891. Some eight years later, when Prince Andrew was born in 1960, average house prices had risen to £2,189.
When the Queen celebrated her Silver Jubilee in 1977, UK house prices stood at £12,689. On the Queen and The Duke of Edinburgh's 45th Wedding Anniversary in November 1992, when fire broke out at Windsor Castle, average property prices had risen to £50,168. Ten years later in the Queen's Golden Jubilee year in 2002, the average price had reached £103,501.
Boom and bust
The next five years saw the UK property market explode with lax lending and the popularity of buy-to-let leading to a monumental rise in value. When the Queen and The Duke of Edinburgh celebrated their 60th Wedding Anniversary on 20 November 2007, the country was in the midst of a property boom with house prices averaging £183,959.
Prices have now dropped from the all time high of 2007, now averaging £162,722 as the Queen celebrates her Diamond Jubilee this weekend.
Value of the Monarchy
The huge rise in UK house prices, particularly Royal properties, has lead to the Monarchy being valued at £44.5 billion in a recent report.
Brand Finance, which valued the assets of the monarchy in much the same way it does for any other brand, found that in all, the tangible assets - things like castles and crowns - were worth around £18 billion, and the remaining £26.4 billion came from intangibles such as tourism.
David Haigh, CEO of Brand Finance, believes that the Monarchy is one of the most valuable of all British brands. "Whatever one thinks about the constitutional principle, there seems little doubt that the institution of Monarchy adds significant annual earnings and long term economic value to the UK."
Changes in price since the 1977 Jubilee