House prices close to Premier League football clubs up 129% in a decade
With the football season starting in the UK an annual analysis of the price of homes close to Premier League football grounds shows that they have increased by 129% over the last 10 years.
The average house price in the surrounding postal districts of the 20 clubs contesting the Premier League for 2014/2015 is now £329,520, some £79,918 higher than the average for the whole of England and Wales which is £249,601.
This is more than double the 55% increase in house prices across England and Wales as a whole over the same period, the research from the Halifax shows.
This represents an average increase of £185,478 during the past decade; from £144,042 in 2004 to £329,520 in 2014, and is equivalent to a weekly rise of £386.
The biggest increases in value have been seen in homes close to Manchester City’s Etihad Stadium, where the average home value in this postal district has risen by 150% over the decade.
The area around Hull City's KC Stadium has seen the second biggest increase with a rise in average property prices of 123% and house prices around Chelsea’s Stamford Bridge ground have recorded the third biggest rise of 121%.
Newcastle United finished bottom of the Premier League house price table with the average value of properties close to its home ground falling by 22% between 2004 and 2014, the only stadium to record a decline in prices over the past decade.
Despite not seeing the largest percentage increase in prices, the postal district covering Stamford Bridge in SW6 is the most expensive area to live in currently, with an average house price of £959,522. This is more than 15 times the average price in the least expensive Premier League postal district of L4 which is home to both Liverpool and Everton Football Clubs.
At £329,520, the average house price outside a Premier League ground in 2013 may not stretch a Premier League footballer as average wages reportedly topped more than £30,000 a week in 2013 but it’s a different story for everyone else, as this is10 times higher than national average gross annual earnings.
Nevertheless there are some variations, and while four of the five least affordable Premier League postal districts are in London, it’s not the same story at other grounds around the country. Chelsea has the least affordable Premier League postal district with the average property price of £959,522 being 18.4 times gross average earnings in the area. Arsenal at 11.7 times is in the second least affordable postal district, followed by Queen Park Rangers at 10.6 times and Tottenham Hotspur 8.7 times.
However, at the other end of the league, the postal district L4 for Liverpool and Everton Football Clubs is the most affordable Premier League postal district with the price of the typical home just 2.2 times gross annual average earnings.
‘With the Premier League hailed by many as the best in the world, for many clubs some of this success also seems to have rubbed off on the surrounding areas. In the last decade average house prices immediately outside some of the country’s leading clubs have seen price rises that far outstrip the rest of the country,’ said Craig McKinlay, mortgage director at the Halifax.
‘There is no rule governing why some areas have seen greater price rises than other. Some areas, but not all, have benefitted from clubs moving to a new stadium and all the infrastructure improvements which are associated with this. And neither is success on the pitch a guaranteed boost to house prices either, with only two of the top five areas being able to boast Premier League winners in the last 10 years,’ he added.