Excessive society summer time occasions put hefty premiums of native home costs

Market evaluation from eXp UK, the platform for private property brokers, reveals that properties situated near the websites of a few of England’s hottest summer time social season occasions command a worth premium of as much as 97%.

The English summer time is a busy time within the calendar of the nation’s excessive society, from the BBC Proms, to Henley Regatta, the Chelsea Flower Present, Royal Ascot and Wimbledon. eXp UK analysed the price of buying a house in postcodes dwelling to 10 of probably the most prestigious social summer time occasions and the way this value compares to the broader space they’re situated inside.

The evaluation reveals that properties surrounding the venues of those excessive society events command a powerful common home worth of £932,182, equating to a home worth premium of 38% or £258,298.

The largest premium of all is commanded by properties situated close to to the point of interest of the BBC Proms, the Royal Albert Corridor, which this yr will likely be internet hosting concert events between 14th July – ninth Sep.

The typical home worth in The Corridor’s SW7 outcode space is £1.76m. That is 97% larger than the common for the broader Westminster native authority district, which at the moment sits at £891,532.

The Royal Academy of Artwork’s prestigious Summer season Exhibition (thirteenth June – twentieth August 2023) attracts guests from all over the world.

The Royal Academy is discovered within the W1 outcode space the place the common home prices £1.68m; 88% larger than the broader Westminster LA common.

The Henley Royal Regatta is a ship race that has been working since 1839 in Henley-on-Thames. Houses within the quick outcode space of RG9 value a median of £727,703, 39% larger than the broader South Oxfordshire LA common worth of £523,933.

Different summer time social occasions that command a constructive worth premium are the RHS Chelsea Flower Present (36.8%), Royal Ascot (25.5%), Salon Prive (18.5%), Wimbledon (14.8%), Glyndebourne Competition (9.9%), and The Boat Race (3%).

Head of eXp UK, Adam Day mentioned, “Whereas these English summer time occasions could also be historically related to excessive society, they’re well-known all over the world and produce hundreds of tourists and vacationers to our little island every year which is crucial for our financial system, not least throughout tough occasions like these.

After all, they continue to be very a lot the protect of the rich, notably in relation to the areas that play host, with property values surrounding these occasions commanding eye-watering premiums which might be far out of attain of the common homebuyer.“