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Do festivals hurt house prices? -2.1% drop in property values around the UK’s 20 biggest

Research by national fast sale estate agent, Springbok Properties, has looked at the cost of living near to one of the UK’s top 20 festivals for those who can’t face glamping let alone a weekend in a festival campsite and how house prices have performed since last year’s festival season.

Springbok Properties looked at the current average house price in each festival area, before looking at the change in property values since the curtain last closed on each festival last year.

If you’re looking to get on the ladder within close proximity of a major UK festival, TRNSMT Festival in Glasgow offers the most affordable foot, with an average house price of just £129,764.

Fusion in Liverpool is the second most affordable at £131,276 with Creamfields in Daresbury, Download in Derby and Parklife in Manchester also amongst the cheapest where house prices are concerned.

But while cheaper property prices are great for buyers, it would seem the presence of an annual major festival isn’t that positive for existing homeowners.

In the last year, and despite slower market conditions, UK house prices have increased by 1.4%. However, while areas home to a major UK festival still fetch above the UK average, price growth has slumped with an average fall of -2.1%.

The largest of these has been in Tower Hamlets, home to All Points East, where prices have fallen by -5.8%, closely followed by a -5.5% drop in Wandsworth home to South West Four.

Wireless in Islington has also seen a fall in house prices of-4.8% but it isn’t confined to the London based festivals. Houghton in Huntingdonshire has seen prices fall -3.9% since last year’s festival, with a similar drop around Charlbury’s Wilderness festival.

Camp Bestival in Lulworth, We Are FSTVL in Upminster, TRNSMT in Glasgow, Reading and Leeds, Latitude in Southwold and Fusion in Liverpool have all seen house prices drop since they last closed their doors.

Of the rest, house price growth has been marginal with Glastonbury in Pilton, Mendip managing the largest increase at 1.5% – the only area to outgrow the UK average.

Founder and CEO of Springbok Properties, Shepherd Ncube, commented:

“It is unlikely that a single event across a few short days could have such a detrimental impact on a wider market’s house prices, however, the huge influx of crowds, the noise pollution and the aftermath and the mess can be enough to prompt some to move, and others to avoid buying in the direct vicinity.

We’ve seen the impact the Notting Hill Carnival has on residents in the area and with today’s festivals designed to attract as many as possible to remain profitable, the disruption can be quite notable for those living in the path of it.

Therefore, it’s certainly not out of the question that even the more granular market levels surrounding these festival sites are having a negative impact on wider market property values as prices depreciate and those looking to sell struggle to do so. This is perhaps more prevalent within city locations as the festival tends to spill over into the local area when compared to those in more rural locations.”

Festival
When
Where
Price Now
2018 Data Point
Price Then
Change (%)
All Points East
24th May – 2nd June
Victoria Park
£428,538
June
£454,932
-5.8%
South West Four
24-25th August
Clapham
£572,014
August
£605,292
-5.5%
Wireless
5-7th July
Finsbury Park
£642,894
July
£674,996
-4.8%
Houghton Festival
8-11th August
Houghton
£255,177
August
£265,480
-3.9%
Wilderness
1-4th August
Charlbury
£320,305
August
£333,103
-3.8%
Camp Bestival
25-28th July
Lulworth Castle
£306,589
July
£314,884
-2.6%
We Are FSTVL
24-26th May
Upminster
£362,698
May
£370,744
-2.2%
TRNSMT Festival
12-14th July
Glasgow
£129,764
July
£132,029
-1.7%
Reading and Leeds
23-25th August
Reading and Leeds
£238,563
August
£242,365
-1.6%
Latitude
18-21st July
Southwold
£242,580
July
£244,918
-1.0%
Fusion
31st August-1st September
Liverpool
£131,276
August
£132,271
-0.8%
Creamfields
22-25th August
Daresbury
£139,154
August
£139,166
0.0%
Lovebox
12-13th July
London
£404,615
July
£404,059
0.1%
Parklife
8-9th June
Manchester
£178,039
June
£177,243
0.4%
Download
14-16th June
Derby
£156,816
June
£156,086
0.5%
Boomtown
7-11th August
Winchester
£426,859
August
£424,170
0.6%
Green Man
15-18th August
Brecon Beacons
£187,208
August
£185,782
0.8%
Boardmasters
7-11th August
Newquay
£232,618
August
£230,452
0.9%
Isle of Wight
13-16th June
Isle of Wight
£213,265
June
£210,711
1.2%
Glastonbury
26-30th June
Pilton
£257,503
June
£253,660
1.5%
Festival Average
£291,324
 
£297,617
-2.1%
UK Average
£226,798
Annual Change
£223,612
1.4%

 

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