Festival season is now underway across the UK and new research has thrown up interesting facts about property premiums near the best known events.
Yopa analysed current market data looking at the average house price across 20 postcodes home to a major UK music festival, before comparing this price to the wider local authority to reveal just how much more it will cost you to purchase a property close by.
For investors looking at a purchase to let out, this is valuable information.
Across all 20 festival postcodes analysed, the current average house price sits at £382,072, some 41% higher than the current UK average house price.
And whilst it’s the London based festivals that may be home to the highest average house prices, it’s Leeds Festival that boasts the highest house price premium. The average house price in the LS22 postcode, home to Leeds Festival, is currently £466,244. That’s 91% more than the wider average house price for Leeds (£244,612).
Creamfields boasts the second highest with the average value of a home in the WA4 postcode coming in 89% above the wider average for Halton.
The average in the CA10 postcode, home to the Kendal Calling festival, is some 40% higher than the wider area of Westmorland and Furness, whilst house prices in Liverpool’s L17 postcode, home to this year’s Radio 1’s Big Weekend are 30% higher than the wider area.
However, there are five major UK festivals that boast relative affordability and none more so than Reading Festival, with the average in the RG1 postcode coming in 20% below the wider area of Reading.
All Points East in Tower Hamlets (-17%), TRNSMT in Glasgow (-14%), Wireless in Haringey (-11%) and Lovebox in Hounslow (-7%) are also home to more affordable average prices.
A Yopa spokesperson says: “It might seem strange that homes within arm’s reach of a music festival, or in this case, ear’s reach, might command a hefty house price premium, as loud music and large crowds aren’t the most desirable feature for most homebuyers.
“However, music festivals generally require a large amount of open green space and are often situated in prime positions within a town, city or area of the countryside for logistical reasons.
“These are features that resonate strongly with homebuyers throughout the rest of the year and this explains why music festival postcodes are home to generally higher house prices.”
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