The latest property market analysis from Foxtons has found that it’s not just military prowess on show during Trooping the Colour this weekend, as house prices within the SW1A postcode, home to Horse Guards Parade, have soared by 17.3% over the last year, demonstrating the pedigree of the prime London property market.
This weekend will see London host the Sovereign’s official birthday celebrations with Trooping the Colour, an awe-inspiring demonstration of British military precision involving over 1,400 parading soldiers, 400 musicians, 200 horses and even an RAF fly-past.
The event itself largely takes place along the Mall from Buckingham Palace, before the troops turn onto Horse Guards Road and assemble on Horse Guards Parade, the historical parade ground adjacent to St. James’s Park and Whitehall.
But analysis of London house price data from Foxtons shows that it’s not just the British military that are putting on an impressive display this weekend, with house prices surrounding Horse Guards Parade performing equally impressively.
PRESTIGIOUS POSTCODE
The SW1A postcode – which encompasses Horse Guards Parade, Horse Guards Road, the Mall, Buckingham Palace and St James’s Park – is currently home to an average house price of £785 per sq ft.
That’s a 25% house price premium when compared to the wider market and, since the last Trooping the Colour, this prestigious postcode has seen property values climb by a huge 17%.
The SW1Y postcode – which straddles the other side of the Mall – has also seen strong growth over the last year, with the average price per sq ft climbing by 8.2% to £767 per sq ft.
To put this growth into perspective, further analysis by Foxtons shows that the average London house price has increased by 1.3% in the last year.
STRONG GROWTH RATE
Jean Jameson, Chief Sales Officer at Foxtons, says: “Trooping the Colour is a fantastic tradition that encompasses everything that is great about London, our military service people, and the Royal Family.
“But it’s not just this tradition that has stood the test of time, with the property market surrounding the Mall and Horse Guards Parade remaining one of, if not the most, prestigious and sought after on the global stage.
“The SW1A postcode, in particular, has enjoyed a very strong rate of growth over the last year alone and so those who might wish to enjoy this weekend’s spectacle from the comfort of their own home will need very deep pockets indeed.”
