Sweet sound of house price affordability found near major music venues
The latest research by estate agent comparison site, GetAgent.co.uk, has revealed that house prices in postcodes home to a major UK music venue are some -58% more affordable when compared to the wider local authorities in which they are found, providing potential buyers with a love of music (or a good pair of ear plugs) a more affordable foot on the property ladder.
GetAgent analysed house prices across postcodes home to 19 of the nation's biggest and best music venues, before looking at how property values surrounding these entertainment hotspots compare to the wider local authority in which they are located.
The research shows that, on average, house prices within major music venue postcodes average just £154,593. In comparison, the average house price across their wider local authorities comes in at £368,426. This means that on average, house prices surrounding major music venues are some -58% more affordable compared to the wider areas in which they are found.
Scarborough's Spa Complex is home to the highest level of housing affordability of all major UK music venues. The YO11 postcode boasts an average house price of just £156,144, -44% more affordable than the wider cost of purchasing within the North Yorkshire area (£277,490).
The Philharmonic Hall in Liverpool's L1 postcode is home to an average property price some -33% below the wider city average of £177,628.
The NE1 postcode, home to Newcastle's O2 academy, is also home to an average house price of £143,593 - -27% more affordable than the wider Newcastle average.
Other major music venues offering up the sweet sound of house price affordability include The Sage in Gateshead (-24%), Oxford's O2 Academy (-23%), The O2 Academy in Liverpool (-17%), London's Jazz Cafe (-12%), Fairfield Halls Croydon (-10%), the O2 Academy Birmingham (-7%), and the Royal Northern College of Music Manchester (-5%).
However, the research by GetAgent also found that some major UK music venues do command a hefty house price premium, albeit they are largely located within the capital.
House prices surrounding Wigmore Hall in Westminster's W1U postcode area are 68% more expensive than the wider borough itself. As is the case with nearby St Martin in the Fields (+52%), London's O2 Arena (+36%), the Southbank Centre (+33%) and Stables in Milton Keynes (+31%).
Co-founder and CEO of GetAgent.co.uk, Colby Short, commented:
"It's not unusual for house prices surrounding major venues of any sort to also boast a greater degree of affordability.
For fans of music, sport, or whatever it may be, living within close proximity of a major venue may be a dream come true. For those who don't consider themselves fans, however, the idea of living on a street regularly frequented by thousands of people on their way to and from a show, gig or match is far from desirable.
The good news is that for those keen to own their own home, these areas offer a far more affordable foot on the ladder, as long as they don't mind a little extra noise and activity from time to time."
