Queen's Speech 2015 Parliament
Queen Elizabeth II will be the first monarch to vacate Buckingham Palace since Queen Victoria designated it as an official residence in 1837 Ben Stansall/WPA Pool/Getty Images

In a first, the Queen may have to move out of Buckingham Palace for almost a year to allow a £150m major overhaul of the building.

The urgently needed re-servicing will include a complete rewiring, replacement of the ancient plumbing, asbestos removal and redecoration of the 300-year-old building.

The move out by the royal inhabitants will facilitate the maintenance work to be done at the lowest cost possible.

The royal family will live at Windsor Castle, their weekend home, during the renovation work of the palatial residence.

Discussions will be held on how to fund the work, with a major loss accruing from closure to the public during the period. Ticket sales from visitors to the Palace generate more than £6m.

The Royal Household has already spent £2.1m on repairs to Buckingham Palace in the last year.

British monarchs have lived at Buckingham Palace since Queen Victoria designated it as an official residence in 1837.

The Queen lives in a nine-room apartment within the palace, which has 775 rooms, writes The Telegraph.

State visits, banquets, garden parties, investitures and receptions are held at the palace.

Cost to taxpayer
Royal accounts show that the monarchy cost the taxpayer £35.7m for the second year running, reports the BBC.

The figure for the current year is the equivalent of 56p for each person in the country.

Half of the annual sovereign grant was spent on payroll costs.

The royal family, meanwhile, has spent $7.9m to buy a three-bedroom apartment in New York's UN Plaza. Spanning roughly 3,000 square feet, the flat was designed by Norman Foster who was knighted in 1990.