Wrexham house prices could rise by an estimated £23,000, in a year, after it was granted city status, according to research. The North Wales town was one of eight places selected for the honour, as part of June’s Platinum Jubilee celebrations.
Property website Boomin, 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.
And according to that research, on average across those nine areas, house prices climbed by a respectable 12% in the year that followed their new found city status. That would translate to a rise of £23,188, for Wrexham, where house prices are on average £198,184 in May 2022.
However that figure could be higher. Having obtained city status as part of the Golden Jubilee celebrations, house prices in Newport climbed 29% over the following year, with Preston also seeing 26% growth, while Brighton property values jumped 19% in a single year, following the Millennium competition.
And looking at the other areas which gained city status this time round, 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, with an average 12% rise.
House prices in Douglas on the Isle of Man could see a similar increase (£36,643), with Colchester house prices also climbing by just over £36,000. A city status boost could help give extra value to Bangor (+£21,990), with Dunfermline (+£19,534) and Doncaster (+£18,291) not far behind.
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Chief executive and founder of Boomin, Michael Bruce, said: “There’s no doubt that city status will bring about a big boost to those towns due to benefit from the Platinum Jubilee celebrations, as this added layer of prestige is sure to attract more business and investment which, in turn, will help cultivate the local economy from the ground up.
“The knock on effect of this positive economic growth is sure to be greater demand for housing, boosting local property values in the process. In fact, based on the market growth seen across previous towns to receive city status, homeowners in the likes of Milton Keynes could find themselves considerably better off in just 12 months time.”
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