Now we have returned from a lovely long weekend celebrating 70 years of Queen Elizabeth II's ruling, Ascend have some exciting news for those towns that have won city status during the Platinum Jubilee. According to GetAgent, their data shows that average house prices are predicted to increase by as much as 14.2% over the next 12 months for those cities. That equates to a £47,000 increase in some areas!
In order to be granted the prestigious title, towns all across the UK were invited to submit applications and bid for their town to be granted City Status. Applications had to follow a clear structure, that would be evaluated by a panel of experts and Cabinet Office ministers, before a recommendation was put to the Queen.
The last time such a competition was held was almost ten years ago to mark the Queen’s Diamond Jubilee. This year was also the first time city status was open to applications from the Crown Dependencies and Overseas Territories.
8 Towns that won City Status in 2022:
· Bangor (Northern Ireland)
· Colchester (England)
· Doncaster (England)
· Douglas (Isle of Man)
· Dunfermline (Scotland)
· Milton Keynes (England)
· Stanley (Falkland Islands)
· Wrexham (Wales)
Even though your town (now city) may have won the competition and been granted City Status, the award is purely an upgraded status and doesn’t directly grant your town any new funding or powers. However as each town had to demonstrate its culture, historical importance, economic strength, and its role as a centre of government, it can be a catalyst for regeneration and future success.
Research from the Cabinet Office has shown a positive correlation in how winning city status for previous towns such as Perth and Preston has provided a boost for local communities and opened up a number of new opportunities for the people who live in those areas.
Queen’s Golden Jubilee
During the Queen’s Golden Jubilee in 2002, Newport and Preston were both granted City Status and just over a year after winning this, both towns' average house prices greatly increased - by 28.5% and 26.1% respectively - which was way above the national growth of 20.9% for that year.
To put that into perspective, the average house price in Newport was £78,642 and then a year after winning City Status, the average rose to £101,086!
Queen’s Diamond Jubilee
However, this trend slightly dipped for those towns who won the Queen’s Diamond Jubilee in 2012, largely because the UK was going through a double-dip recession that year. Chelmsford's house prices sat at around £222,078 and rose to £227,263 seeing an average annual growth rate of 2.3%. Whereas in St. Asaph, prices were around £128,266 pre-city-status but dropped slightly to £127,253 afterwards.
Queens Platinum Jubilee
Back to a more positive note - using current house price data from Rightmove and GetAgent, which found that house prices grew on average by 14.2% across newly designated cities 12 months after being announced, we can try to predict what the average 14.2% enhancement would mean for house prices in each city that won the Platinum Jubilee City Status.
Here are the winning cities and how much average house prices could rise to over the next 12 months:
- Bangor £208,838 (+£25,967)
- Colchester £342,773 (+£42,621)
- Doncaster £208,332 (+£25,906)
- Douglas £357,445 (+£44,445)
- Dunfermline £210,958 (+£26,231)
- Milton Keynes £373,324 (+£47,909)
- Stanley £295,534 (+£35,162)
- Wrexham £218,792 (+£27,205)
An extra day off and a potential huge boost to your property's value, now that's a win-win!
If you’re thinking now is the right time to sell your home, or you're just curious how much yours is worth, click here to use our Free Instant Online Valuation tool.
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