MPs have not ruled out calling in members of the Royal family to give evidence when they launch their inquiry later this month.
The NAO reviewed royal housing arrangements dating back to 2018. It declined to publish the current market valuations collected for each property, insisting that such figures were “private”.
The report found that while seven members of the Royal family occupied five properties leased from the Crown Estate, the leases varied in terms of the down payment required, responsibility for upkeep, and surrender clauses.
In 2024-25, the Royal household generated £3.6m in rental income.
The Crown Estate – a vast portfolio of land and property – belongs to the reigning monarch “in right of the crown” but it is not their private property. It is run as an independent business, with profits paid directly to the Treasury. A proportion of the money – known as the Sovereign Grant – is then handed to the Royal family to support its official duties.
A spokesman for the Crown Estate said: “We welcome the NAO review, which confirms its leases with members of the Royal family were agreed in line with independent, professional advice and open market valuations. We look forward to discussing the report further with the public accounts committee.”
A Buckingham Palace spokesman said: “We are grateful for this report, which is in line with the Royal household’s commitment to transparency. We hope that the findings will help correct, clarify or contextualise a number of points regarding royal properties.”
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