27 Jun

Added value for sporting properties

Added value for sporting properties

Properties close to sporting venues may attract a higher selling price, according to new research.

Estate agent Chestertons have researched the trend of house prices within the same postcode areas as a race course in England and discovered values are 19.6 per cent higher than the average for the region.

Using figures from property marketing firm Zoopla, the study found a difference in value increases based on the type of race course that was nearby. House prices were discovered to be 25.3 per cent higher near mixed race courses, followed by 18.5 per cent for national hunt races and 15.2 per cent for flat race venues.

Over the last half-decade, there has been strong increase in postal areas close to courses in the south west and close to London - of course this is no surprise as the property market has been buoyant in these areas.

However, there is evidence that the benefits of living close to a race course can be seen across the country. Prices in the same location as Wetherby racecourse in West Yorkshire stand at an average value of £348,967 resulting in a 119.1 per cent over the average in the county.

Meanwhile, house prices in the same postal area as Southwell race course in Nottinghamshire are 111.7 per cent higher than the average in the region.

"In recent years horse racing has become increasingly popular and events such as Royal Ascot, Glorious Goodwood and the Epsom Derby are key dates on the social calendar for hundreds of thousands of people across the country. For those living close to race courses our research shows that the disruption caused by big racing events is worth the hassle,’ said Nick Barnes, head of research at Chestertons.

He added: "The staging of big events pumps money into local economies and house prices close to countries throughout the country are benefitting from this, with certain locations achieving substantial price increases since the downturn in 2008."

Of course, this positive impact of sporting venues being close by may not just be limited to race courses.

Recent research by the Halifax bank revealed that the values of homes close to Premier League football clubs have increased by more than double the national rate over the past decade.

"The boost partly reflects the local regeneration that takes place alongside the building of sporting arenas, including improved transport links," said Craig McKinlay, mortgage director at the Halifax.

Landlords can also benefit from owning properties near sporting locations. Wimbledon homeowners often rent out their homes to both players and competitors during the busy two-weeks of the world's top tennis tournament.

Plus rental properties in Glasgow could be in demand during the forthcoming Commonwealth Games.ADNFCR-1222-ID-801731966-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.