- Homes near football clubs are worth 1.8% less than those further away
- Tennis and cricket venues attract premium property valuations
- Good public transport are pluses all round, but parking problems upset everyone
Cricket is popular. Famous cricket grounds are estimated to 3.3% to property prices nearby. While a property close to Lords in London could be worth 2.8% (or £14,500 above the average £520,025 property in Westminster, an effect that may well increase with the new found national enthusiasm for cricket, Edgbaston is also a very popular choice. A home close to Edgbaston could be worth 3.4% or £5,500 more than a similar home further away.
Agents report that homebuyers close to cricket grounds are ‘sometimes’ concerned about traffic issues (29%) or a lack of parking (57%), but are attracted by the accessibility and good public transport links in the area (58%). 43% of agents have found that homebuyers ‘sometimes’ cite cricket grounds as one of their reasons for moving to the area, compared to just 11% who find buyers who want to be near a football ground.
Simon Shinerock of acquisitions agent, Choices Acquisitions explained: ‘Edgbaston is already a very sought after area, but properties near the ground are highly in demand. The area is doing very well and people certainly like the cachet of being associated with the cricket.’
Scott Alexander, from Anscombe & Ringland in St John’s Wood, London says, “Overlooking Lord’s is always an attractive benefit for a potential purchaser which was highlighted during the recent test series. I had two or thee buyers who wanted a penthouse that overlooked Lords and were prepared to pay a premium for a direct view of the pitch.
“A lot of the properties benefit from underground parking, allocated parking or their own garages. St John’s Wood is an attractive area with its tree-lined streets, village feel and proximity to central London.”
But football clubs make buyers wary
On average, homes within a mile of a football club are worth 1.8% less than similar properties further away. Chelsea FC’s Stamford Bridge and Fulham FC’s Craven Cottage are both typical examples. In Kensington & Chelsea, where the average house price is £744,340, a home within a mile of Chelsea FC is worth approximately £13,000 less than a similar place further away. Near Fulham FC, a home is worth 2%, or £8,500 less than the average in the borough. The impact of Aston Villa FC on its local area is slightly less than the overall average, but still mean £1,500 off the typical home in Villa Park, location of the club.
63% of agents near football clubs said that buyers sometimes or often voiced concern about properties they deemed too close to the venue. Half of buyers state that they are looking for property a safe distance away according to agents.
56% of the agents blamed traffic congestion as the principal factor deterring prospective buyers looking at properties close to football grounds, while 22% mentioned noise. The fear of vandalism and the major parking problems on match days were also cited.
On the positive side, 44% of agents said that good transport links enhanced the attractiveness of areas close to football grounds.
Kate Rossi, manager of Bushells in Fulham echoed the findings: “People do voice concerns about properties being near the ground. However, Craven Cottage is really out there on its own as a footlball ground. It’s a great building located in a beautiful area on the Thames and next to Bishops Park - one of London’s best kept secrets. With Fulham supporters it tends to feel like a family day out instead of the typical football hoodlums associated with some other teams. The main concern for residents is parking, and Hammersmith and Fulham have changed parking to benefit the residents on football days.
"Properties near the ground may cost you less, but for buyers this means better value for your money while still living in a beautiful area.”
Simon Shinerock, Choices Acquisitions added: ‘While businesses prosper by being close to the Aston Villa FC ground, local residents find the crowds and the noise the disruptive. This reduces demand for local property and that inevitably has an effect on prices.’
Tennis brings the most cachet
Being within two miles of Wimbledon adds approximately £20,000 to the £293,238 average property price in Merton. Although 75% of agents say that buyers voice concerns about parking problems close to the All England Club during the tournament and a smaller proportion note traffic congestion, potential buyers never say they do not want property near the venue. Indeed almost 80% have found that buyers are attracted by the cachet associated with living in the area.
A fifth of agents also highlighted the opportunity to generate a bit of extra cash during the tennis season.
“A lot of people living close to Wimbledon are proud to be near such a prestigious sporting venue. Also, many people go away during the tournament and rent their houses at a very high price or turn their driveways into car parks.
‘The whole of the high street is decked out with flowers and flags for the event and there’s a great party atmosphere in the village. There’s a great buzz. We see a lot of the famous people from around the world wandering around the village during the tournament. It’s really nice. It’s a wonderful thing to be part of.’ said Nick Allen from Allen Briegel in Wimbledon.
The effect of rugby grounds is less marked. Agents do not believe they affect house prices significantly (+0.5%). Buyers find the relatively good transport links attractive (as with the other sports) and are less likely to be put off by a big rugby venue than a football stadium, although more likely than a famous home of tennis or cricket.
Propertyfinder.com’s survey found that other types of sports venue, such as athletics do not have any marked effect, perhaps owing to the lower frequency of events or smaller numbers of spectators attracted.
Jim Buckle, Managing Director of propertyfinder commented: “Football may be the nation’s favourite sport, but people don’t seem to want it on their doorstep. Even though match days are relatively infrequent, the crowds do spoil residents’ enjoyment of their homes and this has a modest impact on house prices. Cricket and tennis have a better reputation and their supporters generally behave better, but we mustn’t forget that the main fixtures take place only in summer when people are generally in a better mood.
