Analysis from property and lettings agent, Barrows and Forrester, reveals that purchasing a house near one among Britain’s many nice music festivals will value you a major value premium of as much as 89%.
To grasp what sort of value premium shopping for near a competition website instructions, Barrows and Forrester has checked out present common home costs in postcode areas that host the most important music festivals in Britain and in contrast them to costs inside every competition’s wider Native Authority (LA) space.
The analysis exhibits that properties situated inside a stones throw of 20 of Britain’s hottest festivals value, on common, 15.2% greater than the broader space.
The most important competition premium is discovered within the WA4 outcode space of Daresbury, Warrington, house to the long-running Creamfields competition.
The common home value in WA4 is £366,303. This can be a whopping premium of 89% in comparison with the broader Halton LA district through which the common value is £193,834.
Leeds Pageant is held within the LS23 outcode the place a median home value of £422,844 is 79.5% greater than the broader Leeds LA district common of £235,566.
Cumbria’s Kendal Calling instructions a value premium of 49.2% and Machester’s Parklife instructions a premium of 30.4%.
This would possibly appear to be unhealthy information for competition lovers, however for many who are really mad for it, there may be hope as a result of three main festivals are literally situated in spots the place costs are cheaper than their respective wider LA districts.
A property near the All Factors East competition in London’s E9 is -15.7% cheaper on common in comparison with the broader common present in Hackney.
Glasgow’s TRNSMT (-7.3%) and Cornwall’s Boardmasters (-0.6%) are additionally each house to extra reasonably priced competition property costs when in comparison with the broader areas through which they’re situated.
Managing Director of Barrows and Forrester, James Forrester stated, “Pageant season is one thing that thousands and thousands of Brits stay up for every summer time and this 12 months is not any exception.
The humorous factor about British festivals is that there’s no rule of thumb as to the place they’re situated. Some are plonked into rural farmer’s fields, reminiscent of Glastnbury and Latitude, whereas some are squeezed into dense city areas like All Factors East and Parklife.
Regardless of there being no sample to their areas, there may be actually a sample on the subject of value premiums and, usually talking, you’ll need to pay above the percentages for a competition adjoining property. A worthwhile funding if it lets you dodge the dreaded campsite, to not point out the competition bogs.”