It’s a new era of kingship with King Charles III just a few weeks away from coronation. Bearing this in mind, specialist property lender Octane Capital set out to research how much it would cost to purchase one of the King’s many royal residences. They found that the most expensive of all these options was the legendary Buckingham Palace, with a hefty full monthly mortgage repayment of £15 million per month.
For some perspective, Octane Capital also presented an option of the least expensive royal residence, Clarence House. Its full monthly mortgage repayment was a much smaller figure at just £5.5m.
Whilst both figures pale in comparison to the size of the nation’s housing market, it brings to attention just what sort of immense fortune one needs to even contemplate buying a royal home.
When considering a housing purchase of such magnitude, the strain it would place on personal finances is something to consider. Octane Capital warned that property buyers should always ensure they’re budgeting carefully and are aware of the extras, such as legal fees and stamp duty, that can add up quickly.
Speaking of their research, Tom Stephenson, Multi-Family Director at Octane Capital, shared his insights on the results of the research. “The large disparities between the priciest of the royal residences and the cheapest tells a clear story of the enormous wealth at the higher end of the housing market. It brings home just how difficult the property market can be for those on a more modest budget. It’s not just lavish lofts and sprawling mansions that create financial strains, even owning a one-bed flat in London can cause considerable struggles if not budgeted for correctly.”
The coronation of King Charles III brings with it a new era of kingship and a time to contemplate the sheer size of the wealth of the monarchy. With the sheer size of the prices to buy a royal residence, it is clear that being a monarch isn’t without its costs. Although the financial cost of being a king might be difficult for most of us to even fathom, this important research from Octane Capital sheds light on the immense wealth and power associated with the royalty.