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The festival effect

Monday 14 August 2017

Summer festivals are good for the local property market it would seem, as new research from My Home Move, found that events can add thousands of pounds to property values.

The study, undertaken by the UK’s leading provider of mover conveyancing services, found that summer festivals actually have a positive impact on house prices and boost the seasonal property market.

My Home Move looked at eight of the country’s top festivals, held across ten locations, over a nine year period between 2008 - 2016. They then compared the average price paid for a property in the three months leading-up to event, to the subsequent three months; where in the majority of cases, property prices increased.

The study found that there was an increase in local property prices in seven out of the 10 locations analysed, adding on average £43,847 to property values; and in one particular case in Reading in 2015, a whopping £280,000.

The seven locations which benefitted from the festival scene included Writtle, Chelmsford (V Festival), Weston Park, Staffordshire (V Festival), Daresbury, Cheshire (Creamfields), Pilton, Somerset (Glastonbury), central Reading (Reading Festival), Bramham, near Wetherby (Leeds Festival) and Portmeirion (Festival No.6).

Pilton in Somerset, the home of Glastonbury, has seen 24 per cent property price growth since 2010 – equivalent to £101,510, with Portmeirion, home of Festival No.6 showing an increase every year since the festivals debut back in 2012.

Commenting on these findings, Doug Crawford, CEO of My Home Move said:

“The festival season is the epitome of summer to tens of thousands of people a year, as headline acts offer fantastic music, a great atmosphere and a hedonistic escape. As such, it is not surprising that people want to be a part of that and replicate the feeling all year round, by buying a property in the local area.

“An example of this can clearly be seen in Portmeirion, the home to Festival No.6, where property prices have increased every year during the months following the festival. We know that location is incredibly important to house hunters, as well as access to local amenities and a sense of community, and so what better way to showcase a location’s assets than by throwing an enormous party?”