"Music festivals generally require a large amount of open green space and are often situated in prime positions within a town, city or area of the countryside for logistical reasons"
- Steve Anderson - Yopa
New research from Yopa has revealed that buyers looking to live near major UK music festivals may face significantly higher house prices, with postcodes hosting these annual events commanding premiums of up to 91% compared with the surrounding areas.
Yopa analysed market data from 20 postcodes that host well-known UK music festivals. They compared average house prices in these postcodes to the wider local authority areas to highlight the extra cost of buying close to a festival site.
Festival season is underway, marking the start of summer and offering attendees long days filled with music. However, the data reveals that living near these events comes with a price.
Across all 20 festival postcodes, the average house price is £382,072, which is 41% above the UK average.
Although London festivals have the highest average house prices, it is Leeds Festival (pictured) that records the largest premium. In the LS22 postcode, home to Leeds Festival, the average house price is £466,244, 91% higher than the wider Leeds average of £244,612.
Creamfields follows closely, with the WA4 postcode’s average house price 89% above the Halton area average.
Other notable premiums include Kendal Calling’s CA10 postcode, where house prices are 40% higher than the wider Westmorland and Furness area, and Liverpool’s L17 postcode, hosting Radio 1’s Big Weekend, which sees prices 30% above the local average.
On the other hand, five major UK festivals are located in relatively affordable areas. Reading Festival stands out, with the RG1 postcode showing average house prices 20% below the wider Reading area.
Similarly, All Points East in Tower Hamlets (-17%), TRNSMT in Glasgow (-14%), Wireless in Haringey (-11%), and Lovebox in Hounslow (-7%) are also more affordable compared to their broader local authority regions.
“It might seem strange that homes within arm’s reach of a music festival, or in this case, ear’s reach, might command a hefty house price premium, as loud music and large crowds aren’t the most desirable feature for most homebuyers," comments Steve Anderson, national franchise director at Yopa, "However, music festivals generally require a large amount of open green space and are often situated in prime positions within a town, city or area of the countryside for logistical reasons.
"These are features that resonate strongly with homebuyers throughout the rest of the year and this explains why music festival postcodes are home to generally higher house prices,"
He added, "Of course, for some, having a music festival on their doorstep may be a great selling point in itself, either for the short walk to attend, or to enjoy it free of charge from your back garden.”
