House-hunters seeking proximity to some of the UK’s biggest music festivals could find themselves paying a hefty premium, according to new research by estate agency Yopa.
An analysis of house prices across 20 festival postcodes found that homes located within the immediate vicinity of major music events are, on average, 41% more expensive than the UK national average, with some postcodes commanding even steeper premiums over their local authority areas.
Top of the chart is the LS22 postcode, home to Leeds Festival at Bramham Park, where average property prices reach £466,244 – an eye-watering 91% higher than the wider average for Leeds (£244,612).
WA4, which hosts Creamfields in Cheshire, ranks second, with homes priced 89% above the Halton average.
KENDAL CALLING
Meanwhile, the rural CA10 postcode – home to Kendal Calling – records a 40% premium compared to the surrounding Westmorland and Furness area.
In Liverpool, the L17 postcode, which welcomed BBC Radio 1’s Big Weekend this year, commands a 30% uplift versus the citywide average.
But while many festival zones carry a significant property premium, some buck the trend.
BELOW AVERAGE
Reading’s RG1 postcode – home to the long-running Reading Festival – is 20% cheaper than the borough average.
Other festival sites with below-average prices include Tower Hamlets (All Points East, -17%), Glasgow (TRNSMT, -14%), Haringey (Wireless, -11%) and Hounslow (Lovebox, -7%).
STRANGER THINGS
Steve Anderson, Yopa’s National Franchise Director, says: “It might seem strange that homes within ear’s reach of a music festival might command a hefty house price premium, as loud music and large crowds aren’t typically desirable.
“But these festivals are usually set in large green spaces that are logistically well placed – attributes that resonate with homebuyers year-round.
“And for some, the idea of enjoying a festival from their back garden might be the ultimate bonus.”
