Could Platinum Jubilee cities see house price spike?

12 August 2022

For the Queen’s Platinum Jubilee, eight towns including Colchester and Doncaster in England, Dunfermline in Scotland, and Bangor in Northern Ireland, were awarded city status. A prestigious achievement indeed – and historic data suggests that homeowners in these new Platinum Jubilee cities could see a welcome boost to the value of their homes. This is according to research1 which looked at house prices in towns that were awarded city status as part of the Millennium Competition in 2000, and the Queen’s Golden and Diamond Jubilees in 2002 and 2012.

For example, house prices in Newport, Wales (which became a city as part of the Golden Jubilee celebrations in 2002) soared by 29% in the year that followed.

A Platinum premium

Overall, being awarded city status has led to an average  12% boost to house prices the year after, in the nine towns  that became cities in 2000, 2002 and 2012. For Milton Keynes residents, with a current average house price  of £315,000, this could mean a boost of nearly £37,000 to the value of their home!

  1. Boomin, 2022

🚨Think carefully before securing debts against your home.  Your home may be repossessed if you do not keep up repayments on your mortgage.

🚨 Data accurate as of the date of publication – 12.08.2022.

🚨 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.

 

Source: Quilter Financial Planning – Essentially Mortgages Q3 2022

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