Leeds Festival boasts highest festival house price premium at 91%
New research from Yopa, the full-service estate agents, has revealed that music-loving homebuyers in search of a home within arm's reach of a major UK festival may have to stump up significantly more, with postcodes home to these annual events commanding house price premiums as high as 91% when compared to the wider areas in which they are located.
Yopa analysed current market data looking at the average house price across 20 postcodes home to a major UK music festival, before comparing this price to the wider local authority to reveal just how much more it will cost you to purchase a property within arm's reach.
Festival season is in full swing and these annual events mark the start of the summer season and an opportunity for festival goers to enjoy long summer days filled with their favourite music.
However, the research by Yopa shows that those in search of a home within arm's reach of such an event are likely to pay a high premium.
Across all 20 festival postcodes analysed by Yopa, the current average house price sits at £382,072, some 41% higher than the current UK average house price.
And whilst it's the London based festivals that may be home to the highest average house prices, it's Leeds Festival that boasts the highest house price premium. The average house price in the LS22 postcode, home to Leeds Festival, is currently £466,244. That's a huge 91% more than the wider average house price for Leeds (£244,612).
Creamfields boasts the second highest festival house price premium, with the average value of a home in the WA4 postcode coming in 89% above the wider average for Halton.
The average house price in the CA10 postcode, home to the Kendal Calling festival, is some 40% higher than the wider area of Westmorland and Furness, whilst house prices in Liverpool's L17 postcode, home to this year's Radio 1's Big Weekend are 30% higher than the wider area.
However, there are five major UK festivals that boast relative affordability and none more so than Reading Festival, with the average house price in the RG1 postcode coming in 20% below the wider area of Reading.
All Points East in Tower Hamlets (-17%), TRNSMT in Glasgow (-14%), Wireless in Haringey (-11%) and Lovebox in Hounslow (-7%) are also home to more affordable average house prices in their respective postcodes when compared to the wider area.
Yopa's National Franchise Director, Steve Anderson, commented:
"It might seem strange that homes within arm's reach of a music festival, or in this case, ear's reach, might command a hefty house price premium, as loud music and large crowds aren't the most desirable feature for most homebuyers.
However, music festivals generally require a large amount of open green space and are often situated in prime positions within a town, city or area of the countryside for logistical reasons. These are features that resonate strongly with homebuyers throughout the rest of the year and this explains why music festival postcodes are home to generally higher house prices.
Of course, for some, having a music festival on their doorstep may be a great selling point in itself, either for the short walk to attend, or to enjoy it free of charge from your back garden."
