Proximity to festival sites adds thousands to property values
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Good news for those living close to the Meraki site: festivals have been found to have a positive impact on house prices.
The event was held at Hertfordshire County Showground, between Luton and St Albans – though Redbourn and Harpenden residents were even closer to the Jason Donovan and Belinda Carlisle action.
Conveyancing firm My Home Move studied 10 summer festival locations, seven of which saw an immediate increase in the average ‘price paid’ for a property in the three months after the event.
Prices in the postcode locations of the festivals, including V, Download and Glastonbury, were studied over a nine year period.
Tens of thousands of pounds were found to have been added to property values in many locations – including a whopping £280,000 in Reading in 2015.
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Doug Crawford, CEO of My Home Move said: “The festival season is summer to tens of thousands of people a year, as headline acts offer fantastic music, a great atmosphere and a hedonistic escape.
“As such, it is not surprising that people want to be a part of that and replicate the feeling all year round, by buying a property in the local area.
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“An example of this can clearly be seen in Portmeirion, the home to Festival No.6, where property prices have increased every year during the months following the festival.
“We know that location is incredibly important to house hunters, as well as access to local amenities and a sense of community, and so what better way to showcase a location’s assets than by throwing an enormous party?”
Residents of AL3, which includes Redbourn, Markyate, Childwickbury and parts of St Albans, get your valuations booked in now!