Fame factor pushes house prices up by more than 100%

Property portal, MoveStreets, has released new data which reveals how the fame factor can increase house prices by as much as 117% when it comes to areas frequented by the rich and famous. 

What the research found

MoveStreets analysed the average house price in postcodes popular amongst celebrities across four areas of the UK property market and how they compared to the wider local authority to see how a celeb hotspot impacts property prices. 

The study shows that outcodes home to a high level of celebrity activity commands an average house price of £971,052, 49% higher than the average for the wider area. 

A-list house prices

However, this premium surges to a huge 116% in Westminster’s Mayfair. The go-to place for London’s celebs, the average house price across Mayfair postcodes is a cool £2.2m, £1.2m more than the wider average house price in the borough of Westminster.

In the south coast, the Sandbanks in Poole has become popular for both celebs living in the area, as well as those looking for a holiday home. The exclusive property peninsula is considerably more affordable than Mayfair, but still commands an average house price of £632,637, 101% higher than the wider average of £317,588 found across Poole. 

Cheshire’s Golden Triangle is undoubtedly the most well-known celebrity hotspot of the North and Wilmslow (73%), Alderley Edge (73%) and Prestbury (43%) all command impressive house price premiums when compared to the wider average of Cheshire East.

London’s Knightsbridge is also home to a strong fame factor house price premium, with homes costing 38% more than the wider average.

Areas lacking star power

Unfortunately though, the TOWIE and Made in Chelsea effect doesn’t seem as appealing to homebuyers. While popular celeb postcodes in Brentwood do command a premium in comparison to the wider area, this increase sits at only 8%, while the King’s Road commands only a 4% uplift versus the wider borough of Kensington and Chelsea.

Adam Kamani, chief executive officer and co-founder of MoveStreets, commented: “It makes sense that those who make a living out of being seen will only do so in the very best spots and so any area popular amongst celebrities is likely to be home to the best bars, restaurants and the highest house prices.”

Kamani continued: “So if you do want to rub shoulders with the rich and famous as you go about your daily life, you’ll have to save for longer as any home within close proximity to a celeb hotspot is likely to cost you a fair bit more.”