The manor was recorded as "Terra Regis", meaning it was part of the ancient royal estates. King Stephen gave it to his chief lieutenant, William of Ypres, but soon made him swap it with Lillechurch (now Higham) so that the manor of Faversham could form part of the endowment of Faversham Abbey. Stephen established the abbey in 1148, and is buried there with his consort Matilda of Boulogne, and his son, Eustace, the Earl of Boulogne. Stephen favoured the town because of the abbey, and so it was historically important during his reign. King John tried to give the church to Simon of Wells in 1201, but it was owned by the monks of St Augustine's Abbey at Canterbury, who appealed to Rome and denied the request. Abbey Street was constructed around this time in order to provide an appropriate approach to the abbey from the town. It still houses timber framed buildings and has been described as "the finest medieval street in southeast England".