Even Buckingham Palace feels the pinch of falling house prices

29 September 2008 / by None
Buckingham Palace has reportedly lost £57million of its value in the last year, showing that not even the royals have managed to escape the woes in the housing market.

Marking the first time that it has ever been valued, property valuation website Zopla.co.uk has found that the Queen's official London home was worth almost £1billion last August.

The price tag is hardly surprising, considering that the property comes with a total of 775 rooms, comprising 52 bedrooms, its own cinema, swimming pool and a private post office, not to mention 19 state rooms, 188 staff bedrooms, 78 bathrooms, 92 offices and 40 acres of land.

The £57 million fall in value has, over the last 12 months, seen it drop from its peak of £992,285,909, but it is still the most expensive family home in Britain.

Buckingham Palace was bought for just £21,000 in 1761 by George III, so the housing market would have to continue deteriorating for some time before the royal family faces negative equity.

Windsor Castle, the royals' weekend retreat, has also been given a price tag for the first time, found to be worth £180million after having suffered a relatively small drop in value of £8million since this time last year.

"As a nation obsessed with both property values and the royal family, it's certainly interesting to know what it might cost to live the life of a Royal." Alex Chesterman, CEO of Zoopla.co.uk, commented.

© Fair Investment Company Ltd