The largest of these has been in Tower Hamlets, home to All Points East, where prices have fallen by -5.8%, closely followed by a -5.5% drop in Wandsworth home to South West Four.
Whilehomes in areas close toUK festivalsstill fetch above the average, price growth has slumped with an average fall of -2.1%, estate agent, Springbok Properties has found.
The largest of these has been in Tower Hamlets, home to All Points East, where prices have fallen by -5.8%, closely followed by a -5.5% drop in Wandsworth home to South West Four.
Shepherd Ncube, founder and chief executive of Springbok Properties, said: “It is unlikely that a single event across a few short days could have such a detrimental impact on a wider market’s house prices, however, the huge influx of crowds, the noise pollution and the aftermath and the mess can be enough to prompt some to move, and others to avoid buying in the direct vicinity.
“We’ve seen the impact the Notting Hill Carnival has on residents in the area and with today’s festivals designed to attract as many as possible to remain profitable, the disruption can be quite notable for those living in the path of it.
“Therefore, it’s certainly not out of the question that even the more granular market levels surrounding these festival sites are having a negative impact on wider market property values as prices depreciate and those looking to sell struggle to do so.
“This is perhaps more prevalent within city locations as the festival tends to spill over into the local area when compared to those in more rural locations.”
Wireless in Islington has also seen a fall in house prices of-4.8% but it isn’t confined to the London-based festivals. Houghton in Huntingdonshire has seen prices fall -3.9% since last year’s festival, with a similar drop around Charlbury’s Wilderness festival.
Camp Bestival in Lulworth, We Are FSTVL in Upminster, TRNSMT in Glasgow, Reading and Leeds, Latitude in Southwold and Fusion in Liverpool have all seen house prices drop since they last closed their doors.
Of the rest, house price growth has been marginal with Glastonbury in Pilton, Mendip managing the largest increase at 1.5% - the only area to outgrow the UK average.
If you’re looking to get on the ladder within close proximity of a major UK festival, TRNSMT Festival in Glasgow offers the most affordable foot, with an average house price of just £129,764
Fusion in Liverpool is the second most affordable at £131,276 with Creamfields in Daresbury, Download in Derby and Parklife in Manchester also amongst the cheapest where house prices are concerned.
