Proximity to a venue can increase or decrease home values depending on the type of sport being played, a survey reveals
Anyone for a tennis des res? It may be time to kick the football away and pick up a tennis racquet, because British property values rise close to tennis and cricket venues, but fall near football grounds, research shows.
According to property portal Propertyfinder.com, homes near football clubs are worth 1.8 per cent less than those further away, on average. But nearby cricket grounds add 3.3 per cent to property prices, and the All England Tennis Club, a grand slam 6 per cent.
The portal said the huge rise in the popularity of cricket could be responsible for adding GBP14,500 ($198,667) to the price of homes close to Lord's Cricket Ground in London, compared with the average price of GBP520,025 in the local Borough of Westminster, a 2.8 per cent premium. In Birmingham, properties close to Edgbaston cricket ground are worth 3.8 per cent more than similar homes further away in the Edgbaston district.
Scott Alexander, director of estate agent Anscombe & Ringland in St John's Wood, London, said: 'Overlooking Lord's is always an attractive benefit for a potential purchaser which was highlighted during the recent Test series. I had two or three buyers who wanted a penthouse that overlooked Lord's and were prepared to pay a premium for a direct view of the pitch.'
Being within 3km of the All England Tennis Club in Wimbledon adds about GBP20,000 to the GBP293,238 average property price in the local borough Merton. Four-fifths of Wimbledon estate agents said buyers liked the cachet associated with living in the area. The opportunity to rent homes to tennis players during Wimbledon fortnight was an added attraction, the survey found.
Nick Allen, partner at Allen Briegel estate agency in Wimbledon, said: '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.'