Estate agent comparison site, GetAgent.co.uk recently analysed annual house price growth across all the major UK music festival locations.
Up 44% in the last year alone, the findings show Glastonbury has enjoyed the highest rate of annual house price growth,
By analysing the house price data and the annual change in postcodes home to the UK’s 20 biggest festival locations, GetAgent was able to accumulate these results.
UK festival housing market
A property neighbouring a festival location costs an average of £439,311. This is a 12% increase in the last year and above the current UK average of £276,689.
Festivals were halted over the past two years due to Covid-19 social distancing measures that were in place. Yet the recent return of music festivals is likely to play a large part in reviving the local housing market.
The Isle of Wight enjoyed the second-highest rate of annual growth at 29%. House prices have also increased by 20% or more in the last year in postcodes home to Leeds Festival (26%), Bestival (22%), Creamfields (20%), and Latitude (20%).
At 2% the lowest rate of annual growth was recorded around Wilderness in Oxfordshire’s OX7 postcode. British Summer Time Hyde Park saw a 3% growth rate and is home to the highest festival house prices at almost £1.1 million.
Co-founder and chief executive officer of GetAgent.co.uk, Colby Short, explains: “There’s no better way to spend a hot summer’s day than at a festival but for those looking for a short trip home at the end of a long weekend, a festival adjacent property is likely to cost you substantially more than the UK average.”
“This is generally due to the fact they are located within city centres where property prices are generally high, or in rural locations where the type of property is often larger and therefore drives up the average price found there.”
“While the housing market has been running red hot during the pandemic, a 44% annual increase in property prices surrounding Glastonbury festival really does take the biscuit. Whether this is down to a two year break from festivities for local homeowners, or the buzz around its return and 50th year anniversary who knows?”