Prince William has confirmed his commitment to change by announcing plans to sell 20 per cent of the Duchy of Cornwall over the next decade, aiming to raise £500 million. The funds will be directed toward tackling the UK's housing crisis and addressing nature conservation. This move signals a significant departure from centuries-old aristocratic tradition, where land ownership has been the bedrock of inherited wealth.
A bold departure from tradition
Historically, the aristocracy has clung to its land, viewing it as an asset that appreciates over time. While the Duchy has sold property before, such as retail holdings in Kennington in 2005 and residential buildings to a housing association in 1990, agricultural land sales are rare among the upper echelons. William's decision to sell land for public benefit marks a radical shift. His father, King Charles III, also championed affordable housing through projects like Nansledan in Cornwall and Poundbury in Dorset, but William's approach involves divesting land rather than simply developing it.
Housing and homelessness advocacy
The Prince of Wales has a long history of campaigning on homelessness, inspired by his late mother, Princess Diana, who took him to visit homeless shelters. As a millennial, William understands the acute housing challenges facing his generation, including soaring rents. He personally pays income tax and reportedly contributes up to £7 million annually, placing him among the top 0.002 per cent of UK taxpayers. While he inherited a £1.1 billion estate upon becoming Prince of Wales in 2022, these actions demonstrate a push for accountability and transparency.
William's plans address the housing shortage in Cornwall, where second homes drive up prices and remain vacant for much of the year. Local authorities have attempted to curb this with restrictions on outsider purchases and higher council taxes, but such measures risk harming tourism. Building affordable housing, as William intends, offers a sustainable solution. His father's Poundbury model, which integrates on-site employment to avoid dormitory towns, could serve as a blueprint for other estate owners across the country.
Broader implications for the monarchy
William's progressive housing agenda could influence the Crown Estate and the Duchy of Lancaster, which fund the King. If these ancient bodies also sell land for affordable housing, it would counter criticism that the royals benefit from an accident of birth. The Duchy of Cornwall, created in 1337, spans 135,000 acres across Devon, Somerset, Herefordshire, and the Isles of Scilly. The Duchy income supports William's staff and expenses, but there is ample surplus. Selling urban land in areas like Kennington, which includes Oval Cricket Ground and Lambeth County Court, could fund social housing in London, where wealth and poverty coexist.
A model for government
William's approach could serve as a template for the government, which has struggled to deliver on house-building promises. A progressive monarchy, using its vast wealth to fund social initiatives, could set an example. King Charles's recent US visit demonstrated the monarchy's soft power, building bridges with President Trump while delivering a subtle critique. Similarly, William is using his position to convert his views on homelessness into tangible action, building a legacy that addresses one of the UK's most pressing issues.
Harry Mount is the author of 'How England Made the English', published by Penguin.
