Cost of Coronation enough to purchase 348 homes

Coronation cost enough to purchase 348 homes across the UK

Research by eXp UK, the network of personal estate agents, has revealed that while the estimated £100m spent on this weekend’s coronation of King Charles III is enough to purchase 348 homes across the UK, the money spent on the coronation of Queen Elizabeth was, at the time, enough to purchase a whopping 870 homes.

eXp analysed the estimated cost of both the coronation of King Charles III and Queen Elizabeth II and how many homes could be purchased across the UK market for the cost of each coronation.

It’s estimated by the Operation Golden Orb committee, who are in charge of planning this week’s coronation of King Charles III, that the event is set to cost a cool £100m.

With the current average cost of a UK home sitting at £287,506, the £100m spent on this weekend’s coronation is enough to purchase a huge 348 homes.

This climbs as high as 625 homes in the North East alone, with the King’s coronation budget also enough to snap up over 500 homes in Northern Ireland (571) and Scotland (555).

Even in London’s notoriously expensive property market, the royal family could purchase themselves as many as 188 homes for the money spent on this weekend’s coronation.

But how does it compare to the money spent on the coronation of Queen Elizabeth II and the cost of property in 1953?

In 1953, it’s estimated that £1.5m was spent on the coronation of Queen Elizabeth II. Even after adjusting for inflation, the last coronation cost the country just shy of £34m, making it considerably cheaper than this weekend’s event.

Despite the lower sum spent on the coronation of Queen Elizabeth II, the average UK house price at the time was also just £1,724, meaning that a whopping 870 homes could have been purchased in 1953 for the cost of the coronation.

Head of eXp UK, Adam Day, commented:

“This weekend is set to be a celebration of epic proportions as the nation looks to officially crown its new monarch and the cost of the coronation alone is quite staggering, to say the least.

To think that, even in the current market, you could still purchase 348 homes across the UK for the money spent on this weekend’s ceremony really puts it into perspective.

What’s more interesting still is that despite the far lower cost of the coronation of Queen Elizabeth II, the money spent in 1953 could have purchased a huge 870 homes. This demonstrates just how much house prices have climbed in recent years.”