The eight towns across Britain selected granted city status, as part of this month’s Platinum Jubilee celebrations, could see house prices rise sharply over the next 12 months, fresh analysis of local house price data shows.
Property website Boomin looked at the house price data for the towns to have previously been awarded city status during the Millennium competition in 2000, as well as the Queen’s Golden and Diamond Jubilees in 2002 and 2012, to draw comparisons.
And according to that research, on average across those areas, house prices climbed by a respectable 12% in the year that followed their new found city status, led by gains in Newport, where prices climbed 29% over the following 12 months.
Looking at the areas which gained city status this time round, Milton Keynes could be due to see the biggest boost to property values following the Queen’s Platinum Jubilee.
With the average house price currently sitting at £315,173, a city status boost could add a further £36,875, with an average 12% rise, based on the historical research.
House prices in Douglas on the Isle of Man could see a similar increase (£36,643), with Colchester house prices also climbing by just over £36,000.
A city status boost could help give extra value to Bangor (+£21,990), with Dunfermline (+£19,534) and Doncaster (+£18,291) not far behind.
The eight places which won the royal honour this year ahead of the Jubilee weekend, the highest number of awards in a single competition, are:
+ Wrexham, Wales
+ Bangor, Northern Ireland
+ Colchester, England
+ Doncaster, England
+ Milton Keynes, England
+ Douglas, Isle of Man
+ Dunfermline, Scotland
+ Stanley, Falkland Islands