In The Market For A Mansion – What Budget Is Needed?

Size doesn’t always matter,' says Savills, as the research team delves into what makes a mansion a mansion in different parts of the country.

The word “mansion” derives from the Latin “manēre”, which means “to remain” – referring to the supposedly perpetual seat of a noble family.

“Mansions are still alive and well in the UK,” says Savills – although these days “the barriers to entry are more financial than dynastic.”

Digging into this, the property consultancy has mined its databanks to determine what makes a mansion a mansion in today’s market, comparing sold prices for the largest homes in different UK regions.

As a baseline, the research team defines a contemporary “mansion” as a home larger than 7,500 square feet, providing at least our reception rooms, six bedrooms and four bathrooms.

As you’d expect, a property meeting this criteria is a lot more expensive in London than in other parts of the country.

The average “mansion” in Prime Central London currently sells for £18.23mn – which is almost double the average value in Prime Outer London (£9.14mn).

But PCL mansions have seen their prices fall slightly over the last five years (-0.6%, compared to a smaller -0.3% drop across the wider PCL market). Prime Outer London mansions have proved more resilient, with average sold prices increasing by +11.7% in five years – outperforming the overall average of +7.3% for that region.

PCL’s mansion hotspot is Kensington & Chelsea – where 7,500+ sq ft homes transacted at an average of £18.55mn, representing a premium of 2% above the PCL average.

In Prime Outer London, Richmond upon Thames is the grand residence hub, where the average mansion price of £8.69mn underperformed the wider average by 5% over five years.

“Proximity to the capital also impinges on pricing for mansions” in commuter regions, says Savills. The average price across the suburban (£4.08mn), inner (£3.31mn) and outer commute zones (£3.2mn) all come in at less than 50% of the average value for outer prime London.

Further afield, larger prime homes transacted at an average of £2.56mn in the wider south, at £1.86mn in the midlands and north, and in Scotland, the average mansion price was just under 12 times smaller than the equivalent in PCL at £1.53mn.

Yet Scottish and northern English mansions have both seen prices climb significantly in recent years, posting +17% and +14% growth respectively, out-pacing other mansion markets (yet broadly in line with wider prime price growth in these regions).

“Ultimately, scale is only one of many characteristics that can underpin the value of a fine home,” concludes Nick Maud, Director of Residential Research at Savills. “Size doesn’t always matter in this respect, but in certain locations, a modern-day mansion can loom large over the competition, both in terms of price appreciation and premium.”