Housing slump hits Buckingham Palace
The slump in Britain's housing market has caught up with perhaps London's most illustrious property, it has been revealed.
The Queen's official residence - which is located in London's Borough of Westminster - has seen its value plummet by £57 million to £935 million in the last year, according to Zoopla.co.uk.
While it is unlikely Buckingham Palace will appear on the market anytime soon, the news is likely to cause buyers to think twice before investing in London's property.
Alex Chesterman, chief executive of Zoopla, said: "The figures highlight that even the Royal Family aren't immune to the recent property market slump and that larger properties have been effected too."
Falling house prices in boroughs such as Westminster - which experts believe have yet to bottom-out - are likely to cause homebuyers to instead consider renting in the capital, rather than place offers on property that is likely to see its value drop further.
"We will definitely keep Her Majesty informed of any offers we receive via our website," added Mr Chesterman.
Published 2nd September, 2008
© 2008 Estates IT Limited
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The slump in Britain's housing market has caught up with perhaps London's most illustrious property, it has been revealed.