According to Zoopla.co.uk, 10 Downing Street is now worth £4.5m, which the Prime Minister of the next Government will enjoy without the £4,250 per week rent that would normally go with a 3,800 sq ft property in SW1.
The UK’s next leader will also not have to worry about the recently announced hike in Stamp Duty for houses over £1m.
Of the recent occupants at 10 Downing Street, Gordon Brown’s residence has done the least for its value, which has fallen 9.18% since he moved in in June 2007.
By comparison, his predecessor Tony Blair saw its value leap on average over £335,000 per year from £1.65m when he took office in 1997 to over £5m when Brown took over as Prime Minister.
Yet, if taxpayers would like greater value for money from the PM’s official residence, one of the other Downing Streets across Britain could prove an option. The most cost-effective Downing Street is in Sutton-in-Ashfield, Nottinghamshire, where the average property price is just £50,853.
Of course, if the PM needs somewhere closer for commuting to Westminster, he could choose Downing Street in Farnham, Surrey, where the average property price is £253,528.
With the average house price in SW1 £920,361, Gordon Brown will be keen to retain his residency, as he is likely to drop several rungs on the property ladder. House prices in his constituency of Kirkcaldy and Cowdenbeath are among the lowest in the UK at £120,910.
David Cameron and Nick Clegg will also get a substantial boost up the property ladder if they claim victory in the General Election, with the current values of their own constituencies £289,686 and £219,136 respectively.
Nick Leeming, commercial director of Zoopla.co.uk, said: “10 Downing Street is one of the most exclusive addresses in the country, with a valuation to match. It is one of the few properties that will likely never come on the 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 movers.”
