How much to live by The Mall? £1.16m on average

Trooping of the Colour – How much do you need to spend to live by The Mall

The latest research by London lettings and estate agent, Benham and Reeves, has taken a look at just how much you have to spend in the current market for a chance of watching the Trooping of the Colour from your window, as well as which London barracks are leading the charge when it comes to current property values.

The Trooping of the Colour takes place this Saturday to honour the King’s birthday with over 1,400 officers and men on parade, The route will take them from Buckingham Palace, along The Mall to Horse Guards Parade, Whitehall and back again.

The event draws huge crowds every year, but for the very best chance of securing a spot, Benham and Reeves has looked at what it currently costs to purchase a property along the route.

The research shows that on average, a property in a postcode that borders the Trooping of the Colour route commands £1.16m in the current market. That’s 32% more than the average house found across the City of Westminster and 122% higher than the London average.

Trooping the Colour property values are at their highest across the prestigious SW1A postcode, which covers Buckingham Palace, Green Park, St James’s Park, the southern border of the Mall and Whitehall.

The average home in the postcode currently commands £1.18m, while the average property price in the SW1Y postcode along the northern stretch of The Mall is £1.14m.

However, even the most prestigious pockets of the London market can’t avoid cooling market conditions. But while the average house price in Westminster has fallen by -6.2% over the last year, property values in postcodes along the Trooping of the Colour route have seen a reduction of just -1.3%.

Of course, there is a select section of Londoners who needn’t worry about the high price of purchasing close to The Mall – the soldiers themselves. At an average of £1.14m, homes surrounding the Wellington Barracks in the SW1H postcode are some of the highest of all London barracks.

In fact, just the Hyde Park Barracks is home to a higher average house price, with properties in the SW7 postcode commanding £1.96m, having also seen the highest annual rate of growth at 8.6%.

Director of Benham and Reeves, Marc von Grundherr, commented:

“The Trooping of the Colour is not only a celebration of the monarch but a celebration of all that’s Great about being British and the pomp and pageantry draws huge crowds from all over the world.

However, if you want to make The Mall your permanent home you will need pretty deep pockets. In fact, the surrounding area is so exclusive that homes rarely enter the market and, when they do, they sell for tremendous sums with the sale usually conducted privately.

Even those looking to purchase within the wider postcodes that form this prestigious part of town will spend well over double the London average, that is unless you’re stationed within the Wellington Barracks.”