As the country prepares to celebrate the Queen’s Platinum Jubilee, it seems as though Her Majesty also has a lot to celebrate, as estimates predict major appreciation of Crown palace property portfolio in and around London.
Estate agent comparison site GetAgent.co.uk looked into the original price paid for three palaces and one former royal residence and has calculated what it equates to in today’s market once adjusted for inflation.
The comparison site also looks into the price change between the asking price and the current value if sold today.
Colby Short, chief executive of GetAgent, commented: “The Crown owned property portfolio boasts some of the most beautifully impressive pieces of real estate in the land and it’s a portfolio they’ve been gradually piecing together for 1,000 years or more.”
Buckingham Palace
The Queen’s main residence was first built in 1706 for John Sheffield, who would later become the Duke of Buckingham.
At the time, the cost for Sheffield was £7,000.
Adjusted for inflation this equates to an estimated contemporary sum of £1.8mn.
Today, Buckingham Palace is estimated to have a market value of £3.7bn which marks a price increase of 207,693 per cent.
However, given the property’s historical and cultural significance it is more likely to be considered priceless.
Kensington Palace
Today, Kensington Palace is the official home of the Duke and Duchess of Cambridge (William and Kate).
Originally, it was built in 1605 by Sir George Coppin. During this period it was considered to be a mansion rather than a palace, until 1689, when Queen Mary and William III bought it for £20,000. In today’s money this is about £5.4mn.
In today's terms, the palace is estimated to be worth £465mn, marking a price increase of 8,495 per cent.
Hampton Court Palace
Hampton Court Palace was the favoured residence of King Henry VIII.
Built in 1514, for 200,000 crowns, a form of currency introduced by King Henry VIII.
Adjusting for inflation, this is equivalent to a modern value of £57.6mn. Today, the palace is estimated to be worth £1bn, an increase of 1,635 per cent.
Windsor Castle
Windsor Castle, began originally as a military base developed in 1086.
In 1350, Edward III transformed the base into the Palace seen today, costing him £50,000 - equivalent to £60.7mn today.
The estimated market value of Windsor Castle is £497.5mn, the castle jumps up in price by 719 per cent.
Short added: “Savvy investments indeed and with a number of these properties located in and around London, they’ve enjoyed some of the largest rates of house price appreciation going.”
“It’s fair to say that given the unique nature of these properties, they probably won’t end up on Rightmove or Zoopla should they decide to offload them, but it would be interesting to see who turns up to the open house with a potential bid in mind.”
