Our latest research has highlighted six locations that play host to one of the UK’s best summer festivals and have enjoyed higher property price growth since the festival began when compared to the wider region.
With festival season in full flow, the detrimental impact that thousands of party goers can have on the surrounding landscape is often a hot topic, particularly amongst homeowners in Notting Hill due to the annual carnival. But not every festival across the UK seems to have a detrimental impact on the surrounding property market.
Average Property Price Growth in Festival Location
Average Property Growth in Wider Area
Across six of the UK’s best festivals, the local property market surrounding them has seen an average increase of 65% compared to just 55% across the wider surrounding areas.
Headlining for festival property price growth is Great Escape festival 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 increased by 67% compared to just 41% in East Sussex and just 37% across England, making it home to the largest difference in price growth across all six venues (26%).
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 festivals borough of Lambeth has increased by a huge 126%!
In the same time period the average property value across the capital has climbed by an equally impressive 106%, but 20% less than Lambeth. In contrast, across England, the average house price has climbed by just 49%.
Shambala has been running since the summer of 2010 and shrouds both its location and line up in secrecy until festival goers purchase a ticket and arrive at the site.
The small, diverse, family-friendly festival has been transferring the good vibes to the local property market over the last seven years, with Northampton homeowners enjoying an increase of 40% since the festival begun, 3% higher than the county itself and 9% higher than the average increase across London.
Northamptonshire isn’t the only area of the East Midlands where the property market is enjoying the festival season – homeowners in Derby have also seen higher than average price growth since Download Festival begun in May 2003.
Since then homeowners in the area have enjoyed an increase in property values of 77%, again 3% higher than those elsewhere around Derbyshire.
Purbeck & Winchester
The last two festival hotspots 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% uplift since, 2% higher than the average across the county of Hampshire.
Camp Bestival in Lulworth Castle in Purbeck has also seen a 2% higher than average price increase, with property values climbing 25% since it started in 2008. The venue is also now home to the bigger brother festival – Bestival, which should boost the economic benefit to the local community.
Understandably, days on end of loud music and drunk party goers 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.Russell Quirk