Proximity to Premier League grounds boosts house prices
According to Halifax the average house price in the surrounding postal districts of the 20 clubs in the 2014/15 Premier League stands at £329,520, a third higher than the average for England and Wales.
Craig McKinlay, mortgage director at Halifax, said: “With the Premier League hailed by many as the best in the world, for many clubs some of this success also seems to have rubbed off on the surrounding areas. In the last decade average house prices immediately outside some of the country’s leading clubs have seen price rises that far outstrip the rest of the country.”
This phenomenon is most apparent in the area surrounding Manchester City’s Etihad Stadium, where the average home value has risen by 150 per cent over the last ten years. In 2004 the average home value in this postcode was £39,193; currently it stands at £98,178.
The areas around Hull FC and Chelsea’s Stamford Bridge have also seen large increases of 123 per cent and 121 per cent, respectively.
Newcastle United is the only stadium to record a price decline in the surrounding area; between 2004 and 2014 homes close to the grounds fell in value by 22 per cent.
McKinlay said: “There is no rule governing why some areas have seen greater price rises than others. Some areas – but not all – have benefited from clubs moving to a new stadium and all the infrastructure improvements which are associated with this. And neither is success on the pitch a guaranteed boost to house prices either, with only two of the top five areas able to boast Premier League winners in the last 10 years.”
See the table below for the five largest per cent increases in house prices in the postal districts of Premier League stadiums:
|Club||Stadium||Year First Opened/Occupied||Average House Price (2004)||Average House Price (2014)||Ten Year % Change|
|Hull City||KC Stadium||2002||£32,569||£72,535||123|
|Queens Park Rangers||Loftus Road||1917||£286,473||£556,545||94|
Source: Halifax, Land Registry