Property prices near premier league football grounds in the UK up by 135% in 10 years
As the football season gets underway the UK annual research into the price of properties close to Premier League grounds shows that they have increased by 135% over the past decade. Prices have more than doubled in the areas close to five grounds, the Halifax premier league football grounds house prices review also shows.
The average house price in the postal districts of the 20 clubs kicking off the 2013/2014 season has increased by 135% or £183,583 in the past decade from £136,300 in 2003 to £319,800 in 2013. This is equivalent to a weekly rise of £353 and is double the 68% increase in house prices across England and Wales as a whole over the period. The average house price in the 20 Premier League stadium postal districts of £319,800 is a third or £79,500 higher than the average for the whole of England and Wales at £240,300.
Average prices have more than doubled since 2003 in the areas close to five Premier League grounds. The biggest increase has been close to the home of 2011/2012 champions, Manchester City, with the average home value in the postal district of the Etihad Stadium rising by 259% over the decade. The area around newly promoted Hull City’s KC Stadium has seen the second biggest increase with a rise in average property prices of 162%. Chelsea and Fulham recorded the third biggest rises, both 102%, followed by Arsenal at 101%.
Quote from PropertyForum.com : “At a time when many experts across the UK property sector are highlighting the potential risk of a housing bubble in certain areas of the country, Mark Carney, the Governor of the Bank of England, has joined the conversation.”
Newcastle United finished bottom of the Premier League house price table with the average value of properties close to its home ground falling by 11% between 2003 and 2013, the only stadium to record a decline in prices over the past decade. The research also shows that prices have typically risen faster close to new football stadia. Three of the five Premier League postal districts that have recorded the biggest house price increases over the last 10 years are home to stadia that have been built since 2000. In contrast, four of the five Premier League stadium postal districts that have seen the smallest house price growth have stadia that were opened before the outbreak of the Second World War. Newcastle United’s ground, built in 1892, is one of the oldest in the Premier League.
‘The areas surrounding many of the country’s top football clubs have seen house prices rise considerably during the past 10 years, with some of the best performers being those clubs with new grounds,’ said Craig McKinlay, mortgage director at the Halifax. ‘The boost to property prices in these areas partly reflects the local regeneration that typically takes place alongside the building of modern sporting arenas, including improved transport links. There are, however, significant variations in home prices around the nation’s leading clubs with some supporters needing to pay far more to live near the ground of their favourite team than others,’ he explained.
Price variations are considerable around Premier League grounds the postal district covering both Chelsea and Fulham Football Clubs (SW6) is the most expensive to live in with an average house price of £851,812. This is more than 13 times the average price in the least expensive Premier League postal district of L4 which is home to both Liverpool and Everton Football Clubs with an average house price of £63,974. Overall Premier League homes cost nearly 10 times average annual earnings. The average Premier League house price of £319,847 in 2013 is, on average, 9.6 times higher than national average gross annual earnings.
All five of the least affordable Premier League postal districts are in London. Postal district SW6, which is home to both Chelsea and Fulham Football Clubs, is the least affordable Premier League postal district with an average property price of £851,812 which equates to 15.6 times gross average earnings in the area. Arsenal at 10.9 is in the second least affordable postal district, followed by Tottenham Hotspur at 7.2.