Music festivals can boost house prices in their local areas by as much as 26%, according to the latest study by online estate agent eMoov.co.uk.
The agent has highlighted six locations that play host to some of the best summer music festivals in the UK where house prices have experienced a boost since the festivals began when compared to the wider region.
Some local residents may feel that thousands of partygoers can have a detrimental impact on the surrounding landscape, particularly in Notting Hill, where homeowners have long been complaining about the annual carnival. But not every festival across the UK seems to have a damaging effect on the local property market…
Across six of the UK’s music festivals, the local property markets have seen an average increase of 65% in house prices compared to just 55% in the wider surrounding areas.
Great Escape – Brighton
Music Festivals Boost House Prices in the Area by as Much as 26%
Headlining festival property price growth is Great Escape in Brighton. The festival is one of the first of the season and has a strong focus on promoting new music.
Since it launched in May 2006, the average house price in Brighton has risen by 67%, compared to just 41% in East Sussex and 37% in England, making it home to the largest difference in price growth across all six venues (26%).
SW4 – Lambeth
Inevitably, London makes the line up, with some of the largest price growth across the country.
SW4 has been held in Clapham Common since August 2004 and, in that time, the average house price in the festival’s borough of Lambeth has soared by a huge 126%. In the same timeframe, the average property value across the capital has climbed by an equally impressive 106%, which is 20% less than in Lambeth. In contrast, the average house price in England has increased by just 49%.
Shambala – Northamptonshire
Shambala has been running since the summer of 2010, and shrouds both its location and line-up in secrecy until festivalgoers purchase a ticket and arrive at the site.
The small, diverse, family-friendly festival has been transferring good vibes to the local property market over the past seven years, with homeowners in Northampton enjoying an increase of 40% since the festival begun – 3% higher than in the wider county and 9% higher than the average in London.
Download – Derby
Northampton isn’t the only part of the East Midlands to enjoy the festival season – property owners in Derby have also seen higher than average house price growth since Download Festival began in May 2003.
Since then, property values in the area have risen by 77% – again, 3% higher than those elsewhere in Derbyshire.
Camp Bestival and Boom Town – Purbeck and Winchester
The last two music festivals on the list both begun in August a year apart from each other, with both located close by on either side of the South East/South West border.
Boom Town in Winchester has been running since 2009 and property in the area has seen a 53% increase since – 2% higher than the average in Hampshire.
Camp Bestival, held at Lulworth Castle in Purbeck, has also seen a 2% higher than average uplift, with house prices climbing by 25% since it launched in 2008. The venue is now home to the bigger brother festival – Bestival – which should further boost the economic benefit to the local area.
The Founder and CEO of eMoov, Russell Quirk, says: “Understandably, days on end of loud music and drunk partygoers can be a negative for many, especially those trying to enjoy a quiet life. However, the mass influx of visitors to what can otherwise be quite rural areas does bring the additional benefit of a massive economic boost to local enterprises, hotels and guest rooms.
“This additional income can only ever be a positive for the community and, although local homeowners may not necessarily welcome the festival itself, I’m sure the additional financial boost and the subsequent stimulation of the property market are very welcome indeed.”
Do you own a property in the vicinity of a music festival? If so, have you also witnessed the boost that these events can bring to the value of your asset?