Background
The Public Accounts Committee announced on 2 December 2025 that it will be launching an inquiry into The Crown Estate. The inquiry will be based on recent correspondence from The Crown Estate relating to leases to The Royal Household/Royal Lodge, and on our work updating our 2005 report, The Crown Estate – Property Leases with the Royal Family.
The Crown Estate is an independent commercial business, established by Parliament, responsible for managing a £15 billion portfolio of land and property on behalf of the Crown. It returns its net profit to HM Treasury and sits between the public and private sectors.
Scope
To support the inquiry, this factual review will:
- set out The Crown Estate’s approach to letting and managing high-value residential properties
- update on leasing arrangements for properties occupied by members of the Royal Family.
NAO team
Director: Lee Summerfield
Audit Manager: Ee-Ling Then