Queen Elizabeth needs a home while her Palace is renovated

Queen Elizabeth II may have to house hunt as Buckingham Palace needs to be renovated urgently, for which she would have to move out.

As per the royal officials, the residence, which hasn't been largely redecorated ever since she was crowned in 1952, requires an estimated 150 million pounds worth of renovation and upgrades, including replacing old plumbing and wiring and removing asbestos.

The queen, who turned 89 this year, does have several homes, but lives in the London palace for about one third of her time.

The residence was first used by Queen Victoria, where summer garden parties and scores of ceremonial events are held each year.

Alan Reid, keeper of the Privy Purse said maintenance on aging royal buildings, "and in particular Buckingham Palace, will present a significant financial challenge" in the next few years, reports CBS.