HOUSE PRICES: 20 per cent higher near a racecourse

An article published by the U.K. newspaper The Independent today claims that houses located in the vicinity of a racecourse can cost up to twenty per cent more than those situated further away. In one cited example, houses located near Wetherby Racecourse are 119% higher than the average property price for the entire county of West Yorkshire.

New research suggests that houses located in the same postcode district as a racecourse are 19.6 per cent higher than the average for other houses in the same county as a whole. The study on house prices and areas was conducted by Chestertons Research using data from property prices website Zoopla.

According to the research and Zoopla’s figures, houses in the same postcode area as a ‘mixed racecourse’ command a 25 per cent price premium. Move near a national hunt course and you will pay 18.5 per cent above average prices. if you decide to put roots down in the vicinity of a traditional flat-racing venue then you will likely pay the smallest increase – at 15 per cent, the figures claim. In London and surrounding areas, which has several mixed racecourse locations, the average house price asked for by sellers and agents is £346,355. The average for postcodes with a flat racing course stands at £276,497 and £258,813 for national hunt racing venues.

The five highest average prices are all located in the south-east of England, in areas traditionally frequented by the upper and upper-middle classes. Sandown Park (KT10) in Surrey has the highest average house price of all racecourses in England at £905,635, followed by Ascot (SL5) with £694,391, Epsom (KT18) at £494,341, then Goodwood (PO18, £484,676) and Windsor (SL4, £457,630). All of these racecourses are located in the Home Counties region, a high-price area surrounding England’s capital city, the area of choice for commuters in high pay careers.

 

Goodwood Racecourse, West Sussex, England

Goodwood Racecourse, West Sussex, England (Photo credit: Wikipedia)

 

House prices in the LS22 postcode region, home to Wetherby racecourse in West Yorkshire, average out at £348,967 which represents a 119 per cent premium over the West Yorkshire average. House prices within the same postcode area as Southwell (NG25) racecourse in Nottinghamshire county are slightly over 111 per cent more than the county’s pricing average, marginally higher than Ascot race course (SL5) in Berkshire.

In recent years horse racing has become increasingly popular and events such as Royal Ascot, Glorious Goodwood and the Epsom Derby are key dates on the social calendar for hundreds of thousands of people across the country,” said Nick Barnes, the head of research at Chestertons, in an interview with The Independent explaining the findings.

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 countries throughout the country are benefitting from this, with certain locations achieving substantial price increases since the downturn in 2008.“.

The higher house prices around racing venues can be attributed to the prestige the locations have among horseracing clientele, who generally have high disposable incomes and are advanced in age. Many are retirees or people in their late working lives who have a preference for traditional racing sports. In addition to the presence of racecourses, these areas also attract people for the higher standard of living and amenities to be found, as the racecourses inject a large financial boost to the local areas they operate in.

Some courses, such as Royal Ascot, have long been substantial bit players popular culture due to the events they host, which draw thousands of punters and fans, and horse racing in particular is a significant component of the UK’s betting industry.

 

SOURCES:
Vijay Shah { विजय }, Twitter https://twitter.com/VShah1984
Chestertons Research, Twitter https://twitter.com/ChestertonsRsch
“House prices near racecourses nearly 20 per cent higher” – Alex Johnson, The Independent – Property (25 June 2014) http://www.independent.co.uk/property/house-prices-near-racecourses-nearly-20-per-cent-higher-9562022.html
IMAGE CREDIT:
“File:GoodwoodRaceCourse2.JPG” – Ben Shade, Wikimedia Commons (18 June 2006) http://commons.wikimedia.org/wiki/File:GoodwoodRaceCourse2.JPG

 

 

 

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Posted on June 26, 2014, in National news and tagged , , , , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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