City status boost for prices in Doncaster

While the dust has now settled on four days of celebrations, research by Boomin, has revealed that the UK towns to have been earmarked for city status as part of the Queen’s Platinum Jubilee celebrations could see house prices boosted by as much as £37,000 in the year that follows.

The study analysed local house price data for the nine towns across Britain to have previously been awarded city status during the Millennium competition in 2000 and the Queen’s Golden and Diamond Jubilees in 2002 and 2012. The research shows that on average across these nine areas, house prices climbed by a respectable 12 per cent in the year that followed their new found city status.

Having obtained city status as part of the Golden Jubilee celebrations, house prices in Newport climbed 29 per cent over the following year, with Preston also seeing 26 per cent growth, while Brighton property values jumped 19 per cent in a single year following the Millenium competition.

So what could new found city status mean for the next batch of British towns where their local housing markets are concerned?

Boomin looked at the current cost of buying and what the average 12 per cent boost would mean for homeowners in each city.

Milton Keynes could be due to see the biggest boost to property values following the Queen’s Platinum Jubilee. With the average house price currently sitting at £315,173, a city status boost could add a further £36,875.

House prices in Douglas on the Isle of Man could see a £36,643 rise, with Colchester’s climbing by just over £36,000.

City status could add more than £20,000 to the average property value in Wrexham, £23,188, and Bangor,£21,990, with Dunfermline, £19,534, and Doncaster, £18,291, not far behind.