Downing Street residences drop £462,420 to £4.5m under Brown
10 Downing Street is one of the most exclusive addresses in the country, with a valuation to match. It is more than likely that Number 10 is one of the few properties that will never come on to the property market and it takes millions of votes to secure the keys. Messrs Cameron and Clegg clearly have a struggle on their hands to wrestle those keys from Mr Brown who has been a Downing Street resident for twelve years now and will be very reluctant to call in the removal men.
So, with just over two weeks to go, the race is on amongst the party leaders to get their hands on a piece of prime real estate in the heart of London (SW1A) which we value at £4.5m. It’s worth noting that this figure is only for the official residential digs in Downing Street – which consists of 3,800 sq ft. Yes, surprisingly small.
Here are some other interesting facts relating to the official residences on Downing Street:
- Winner will enjoy rent-free living which would otherwise run to £4,250 per week
- Value of PM’s residence has dropped by £462,420 during Brown’s occupancy
- Under Blair, Downing Street residence grew in value by avg. of over £335k p.a.
- Brown and Major tenures reduced value versus growth under Blair and Thatcher
- Stamp Duty bill (if on open market) would be a whopping £225k (5% from April 2011)
In light of the current deficit the next Chancellor may be well advised to think about selling up and moving his boss’ official residence to one of the other Downing Streets across Britain. The most cost-effective move for taxpayers would be to Downing Street in Sutton-In-Ashfield where the average property costs £50,853. Alternatively, if commuting to Westminster is essential for the PM, a move to Downing Street in Farnham, Surrey, where the average property price is £253,528 would help pay down more than £4m of the budget deficit.
If there is a change in leadership over the next few weeks, Gordon Brown is likely to drop quite a few rungs on the property ladder as house prices in his own constituency of Kirkcaldy and Cowdenbeath are amongst the lowest in the land at an average of £120,910 versus his current address in SW1 where average house prices are £920,361.
Cameron and Clegg will both be keen to upgrade to SW1 from their own constituencies where current values are £289,686 and £219,136 respectively.
Changes in value of official residential digs at 10 Downing Street, SW1A
|Leader||Arrival Value||Departure Value||Value change||Years in office||Av. change p.a|
Take a look at our recent post on how the leaders, constituencies and parties perform from a property perspective.
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