Properties near the races are as much as 18.5% more expensive than the average property in the county, research from Chesterton Humberts has revealed.
As Cheltenham kicked off the season, the agent used ‘postcode area’ data to compare the effects of 34 racing venues on local housing markets over the last five years. Despite evidence that the North/South divide will not subside anytime soon, the company’s analysis has shown homeowners close to race courses all over the country could benefit from substantial premiums.
Properties within the 18 national hunt course areas typically command a 21% premium, the research found, whilst the 16 flat racing areas command 16%. The most significant result was in West Yorkshire, where average house prices in the same postal area as Wetherby race course are 114.5% higher than the county average.
Homes close to Bath racecourse have prices 72.8% higher than the Somerset average, while values near Goodwood are 57.5% more expensive than West Sussex as a whole. Other examples include Windsor, which has a premium of 46.6%; Nottingham, (40.6%) and Stratford Upon Avon, (36%). Overall, house prices in flat race course districts outperformed national hunt districts by 6.5%.
Nick Barnes, Head of Research explains: ‘For those living close to race courses, our research shows that the disruption caused by big racing events is worth the hassle. The staging of big events pumps money into local economies and house prices close to race courses throughout the country benefit from this, with certain locations achieving substantial price increases since the downturn in 2008.’
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