Banksy has unveiled a new artwork on the side of a building in south-west London – and the property’s worth could now soar.
The elusive artist’s signature stencil-styled piece, which appears to show a goat perched on a ledge as rocks fall, has been painted on a wall in Kew Green, Richmond.
And a property expert says it will have done wonders for the building’s price tag, as reported by Luxury Property News.
READ MORE: Bargain basement flat in London for £159,000 – you just have to build it
“If you are lucky enough to have your property touched by Banksy you should expect to see the value of your property double overnight,” Pete Mugleston, managing director at www.onlinemortgageadvisor.co.uk, said.
“There is no magic formula to calculate this kind of thing, but our estimate would be that if this was a property with the same average house price for a semi-detached property in Richmond of around £1million, then the Banksy artwork would add around £500-£800k, taking it to a £1.5m-£1.8m valuation.”
Banksy is best known for his iconic street art, which is dotted across the UK and the world.
Anything he creates invariably increases in value, especially if it’s one of his bigger pieces, experts say.
Properties featuring his work have seen their market values soar over the years, often by hundreds of thousands of pounds.
Pete said: “A property in Nottingham where Banksy put his art on the side of the wall sold for 1401% above its market value.”
Banksy posted a picture of the artwork on his Instagram on Monday (5 August), which is how he has previously claimed responsibility for his works.
But while his work can increase the worth of a building, there are other factors to consider.
Pete said: “These include the higher cost of insuring the building and the significant costs of preserving and securing the work.
“All these will be taken into account by the lender when considering your mortgage application.
“Given the high cost of keeping the work in place, it may be worth considering the professional removal and preservation of the artwork from the wall where it was discovered.
“This can be a significant investment, potentially costing thousands of pounds to extract a section of your property’s wall safely.
“However, then being able to sell the artwork separately could deliver a significant bounty when it comes to affording your next home on the housing ladder.
“There are lots of different factors that will impact the valuation, for example, the property in question looks like an un-used commercial, semi-detached building and this will not have the same value as a residential property.”
Londoners have been loving Banksy’s newest doodle.
Mark Griffin said: “Dora Griffin, my daughter, who is promising young artist herself, was so excited that a Banksy had appeared near to us that we decided to have a late night adventure to seek it out!”
READ MORE: Gothic mansion with storied history for sale for £350k – don’t let the ‘weeping angels’ put you off
