Nearly 1/5 of the property is vacant, and the London property of the British royal family depreciates by £ 500 million per year, leading to a decline in housing prices. Authority | Royal | House Prices
As housing prices in the UK capital London decline, the British royal family's property in London has depreciated by approximately £ 500 million over the past year.
The Royal Property Authority disclosed in its annual report that the royal property in London depreciated by 6.5% to £ 7.2 billion over the course of one year.
The Daily Telegraph of the UK reported on the 29th that nearly one-fifth of royal London properties are vacant due to the sluggish real estate market in London. This number was about one tenth last year.
However, benefiting from the appreciation of ocean and rural land assets, all real estate held by the royal family has appreciated to 15.8 billion pounds. The report states that the UK is a major provider of offshore wind energy, and it has been proven that the seabed properties owned by the UK royal family are very advantageous.
Dan Labard, CEO of the Royal Property Authority in the UK, said that if opposition Labour leader Kiel Stammer wins the next election, the Authority may build wind energy facilities on the royal land.
Stammer has promised that if the Labour Party wins the next election, it will no longer restrict the construction of new onshore wind farms.
Former Conservative Prime Minister David Cameron cancelled government subsidies for onshore wind farms during his tenure, effectively limiting the construction of such facilities. But the current Prime Minister, Richie Sunak, hinted in December last year that this policy stance may be reversed.
The Royal Real Estate Administration was established in 1760. Back then, King George III of England compromised with Parliament and agreed to hand over the net profits and hereditary inheritance income from the royal estate in exchange for annual government funding.
In addition to the depreciation of London's property, a report on funding from the British monarch shows that the royal family has also been hit by a significant increase in inflation rates in the UK.
This funding report states that the royal family's expenses increased by 5% in the previous fiscal year, but their income decreased by 1% to £ 9.8 million. This income is less than half of the level before the epidemic. In addition, the allocation to the royal family in the previous fiscal year was still £ 86.3 million per year.
A spokesperson for Buckingham Palace admitted that the royal family has fully reduced expenses.
Elizabeth II passed away on September 8th last year in Balmoral, Scotland at the age of 96. Her son Charles III was officially crowned on May 6th this year.