It’s the morning after the festival before for the 150,000 estimated revellers who enjoyed the Glastonbury Festival which drew to a close last evening - and now one estate agency says local house prices in such locations outperform wider areas.
Jackson-Stops & Staff has analysed Rightmove data showing how the most iconic festival towns and villages exceed their wider areas when it comes to property price growth.
Far from the events denting property prices, values have flourished with many home owners realising property price growth in excess of £100,000 in seven years.
All locations analysed have seen more growth as a % than the county they reside in as a whole.
Those living near festivals are not only beneficiaries of significant property price growth, living near a festival can help local homeowners market their home effectively when it comes to selling and provide additional income benefits.
Pilton in Somerset, the home of Glastonbury, has seen 24 per cent property price growth since 2010 – equivalent to £101,510; Henley-On-Thames home owners not only enjoy the Henley Festival but price growth to the tune of £232,080 over seven years; Homes in Glyndebourne, location of the Festival Opera have seen a £196,470 increase since 2010.
All these have outperformed their wider areas, the agency claims.
“The inward investment festival-goers bring to an area contributes to improved infrastructure and amenities, which all help add to the value of local homes. From musical to literary, food and action, festivals draw in huge crowds and are often an opportune time for would-be-sellers to capitalise on the associated hype” says Nick Leeming, chairman at Jackson-Stops & Staff.
“Many homeowners use festivals as a way of drawing in extra income through holiday letting. Short term rental accommodation can attract a significant premium over these festival weekends with many owners either letting spare rooms out or decamping and offering the entire home to families” he adds.
Rightmove’s commercial director Miles Shipside says: “We often see spikes in search activity for locations that lots of people are talking about at the time. So marketing your property at a time when these spikes occur could mean you get more interest from potential buyers who may otherwise not have considered that area until they heard about it on TV or visited it to enjoy an event.”