Properties within the same postcode areas as either flat or national hunt horse racing courses are on average 18.5 per cent more expensive than similar properties in the county, with Wetherby race course in West Yorkshire taking the lead, according to new research by Chesterton Humberts.
Chesterton Humberts has used ‘postcode area’ data from Zoopla to compare the effects of 34 racing venues on local housing markets over the last five years. The company’s analysis has shown homeowners close to courses all over the country could benefit from major premiums.
Properties within the 18 national hunt course areas typically have a 21 per cent premium, while the 16 flat racing areas around 16 per cent. The biggest jump is in West Yorkshire where average house prices in the same postal area as Wetherby race course, LS22, are 114.5 per cent higher than the county average. Homes close to Bath race course, postcode BA1, are next with prices 72.8 per cent higher than the Somerset average. Goodwood is in third place - values in the PO18 district are 57.5 per cent more expensive than West Sussex as a whole.
Although the top three postal areas are all in the south, Wetherby and Stratford-upon-avon ranked seventh and eighth best. Goodwood race course takes first place with average values at £475,461, followed by Windsor, SL4 (£461,344) and Epsom, KT18 (£460,928). Overall, house prices in flat race course districts outperformed national hunt districts by 6.5 per cent - £270,929, as compared to £254,268.
Nick Barnes, Head of Research explains: "In recent years horse racing has become increasingly popular and events such as Glorious Goodwood and the Cheltenham Festival are key dates on the social calendar for hundreds of thousands of people across the country.
“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 race courses throughout the country are benefitting from this, with certain locations achieving substantial price increases since the downturn in 2008."