Living near this Scottish landmark can add thousands to your house value
New research has revealed that living close to some of the UK's most iconic landmarks can significantly impact the value of your property, for better or worse. And one of Scotland's most famous attractions has made it into the top ten.
The study, carried out by buy to let insurance experts at the Alan Boswell Group, analysed house prices within a one-mile radius of 30 of Britain's top landmarks.
These prices were then compared to average values in the surrounding areas to determine how much of an effect each landmark has on local property prices.
Edinburgh Castle was ranked ninth in the study, with homes located within one mile of the historic capital fortress selling for an average of £427,250. That figure is £89,328 higher than the wider area average of £337,922, a rise of 26.4 per cent.
The results suggest that having such a renowned attraction on your doorstep could add a sizeable premium to your home's value.
However, not all Scottish landmarks offer the same benefit. In fact, some can have the opposite effect.
Balmoral Castle in Aberdeenshire was among the worst performing in the study, with a sharp 41 per cent drop in property value for homes located within a one-mile radius.
Average house prices near Balmoral are significantly lower than in the nearby town of Ballater, suggesting the Royal connection doesn't always translate to financial gain.
Stirling Castle also featured on the list with a smaller but still negative impact on local house prices. The average price in the wider Stirling area is £244,398, but within a mile of the castle, it drops to £223,280, an 8.6 percent decline.
Elsewhere in the UK, London landmarks dominated the top of the table. Buckingham Palace claimed the number one spot, with properties located within one mile seeing a staggering 92 per cent increase in value.
The average house price in the surrounding City of Westminster stands at £941,900, but this jumps to £1,807,145 near the royal residence.
A spokesperson from the Alan Boswell Group explained: 'The buy to let insurance experts at Alan Boswell Group can reveal that being neighbours with the royals can pay off majorly, with Buckingham Palace claiming first place.
"The tourist hotspot, with 30 per cent of Brits considering it the best UK landmark, can increase your house value by a whopping 92 per cent if you live within one mile of the attraction.'
Royal Albert Hall came second on the list with a 76 per cent increase in nearby house prices. The average property in London's most expensive borough, Kensington, costs £1,130,400, but this figure rises to £1,990,172 for homes located within one mile of the iconic concert venue.
Despite the potential for noise from major events, Royal Albert Hall's past issues with complaints - including the loss of its licence to host boxing and wrestling events for 13 years starting in 1999 - appear to have had no impact on local property values.
Third place went to the British Museum, where living within a one-mile radius can boost your home's value by 59 per cent. The average house price in Camden stands at £766,100, but climbs to £1,218,395 for those nearer the museum.
Not all landmarks bring financial benefits, though. Other UK locations that saw negative effects on house prices include Blackpool Tower (down 28%), Old Trafford in Manchester (down 27%), and Coventry Cathedral (down 21%).
Rank
Landmark
Location
Average price in the wider area
Average house price within 1 mile of the landmark
Price increase
% increase
1
Buckingham Palace
London
£941,900
£1,807,145
£865,245
91.9%
2
Royal Albert Hall
London
£1,130,400
£1,990,172
£859,772
76.1%
3
The British Museum
London
£766,100
£1,218,395
£452,295
59.0%
4
Durham Cathedral
Durham
£215,883
£338,434
£122,551
56.8%
5
Hampton Court Palace
Molesey
£654,889
£912,002
£257,113
39.3%
6
Tower of London
London
£479,500
£667,157
£187,657
39.1%
7
Tate Modern
London
£515,500
£710,532
£195,032
37.8%
8
The Shard
London
£515,500
£665,806
£150,306
29.2%
9
Edinburgh Castle
Edinburgh
£337,922
£427,250
£89,328
26.4%
10
Westminster Abbey
London
£941,900
£1,121,895
£179,995
19.1%
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