MoveStreets, the property portal designed for the mobile generation, has revealed how the notoriety factor can drive property prices up to 117% when it comes to areas frequented by the rich and famous.
MoveStreets analyzed the average house price in postcodes popular with celebrities in four areas of the UK property market and how they compared it to the wider local authority to see how a celebrity hotspot affects prices real estate.
Research shows that outcodes that are home to a high level of celebrity activity command an average house price of £971,052, which is 49% higher than the Greater Area average.
However, that premium climbs to a whopping 116% in Westminster’s Mayfair. A favorite haunt of London celebrities, the average house price in Mayfair postcodes is £2.2million, £1.2million more than the average house price in the borough of Westminster .
On the south coast, the Sandbanks in Poole have become popular for celebrities living in the area, as well as those looking for a holiday home. The exclusive property peninsula is far more affordable than Mayfair, but still commands an average property price of £632,637, 101% higher than the wider average of £317,588 found in Poole.
Cheshire’s Golden Triangle is arguably the north’s best-known celebrity hotspot and Wilmslow (73%), Alderley Edge (73%) and Prestbury (43%) all impose impressive price premiums over the Cheshire East Broader Mean.
Knightsbridge in London is also home to a steep house price premium, the awareness factor, with houses costing 38% more than the overall average.
Unfortunately, the TOWIE and Made in Chelsea effect doesn’t seem as appealing to homebuyers. While popular celebrity postcodes in Brentwood command a premium over the wider area, this increase comes in at just 8%, while King’s Road commands just a 4% increase over the larger borough off Kensington and Chelsea.
Adam Kamani, CEO and co-founder of MoveStreets property portal, commented:
“It makes sense that those who make a living by being seen only do so in the best places and so any area popular with celebrities is likely to have the best bars, restaurants and the highest property prices.
So if you want to rub shoulders with the rich and famous in your daily life, you’ll have to save up longer, because any home near a celebrity hotspot will likely cost you a bit more.