How the summer property market is driven by music

How the summer property market is driven by music

New research from conveyancing service provider, My Home Move, has found that the majority of summer festivals, including V Festival, have a positive impact on UK house prices with many locations experiencing an immediate rise in the average ‘price paid’ for a property in the three months after the event.

The study looked at eight of the country’s top festivals (held across ten locations) including V, Glastonbury and Festival No.6, over a nine year period.

On average, there was an increase in local property prices in 7/10 of the locations analysed, in the three months following the music and arts events, adding on average, tens of thousands of pounds to property values, and in one particular case, £280,000.

Doug Crawford, CEO of My Home Move, said: “The festival season is 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?”


My Home Move looked at HMLR price paid data for homes sold in the postcode locations of the festivals 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; in the majority of cases, property prices increased by tens of thousands of pounds.

The seven location 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), Portmeirion (Festival No.6).

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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