House prices near racecourses nearly 20 per cent higher
House prices near Wetherby racecourse 119 per cent higher the West Yorkshire average
Alex Johnson has been part of The Independent's online team since 2007. He has been writing about microarchitecture on his internationally-acclaimed Shedworking blog since 2006 and is the author of Shedworking: The Alternative Workplace Revolution. His latest book is Bookshelf, published by Thames & Hudson.
Wednesday 25 June 2014
House prices within the same postcode as a race course in England are 19.6 per cent higher than the average of their respective counties, new research suggests.
The figures from Chestertons, using data from Zoopla, has found that house prices within the same postcode as mixed racecourses command a 25 per cent price premium, followed by 18.5 per cent for national hunt courses and 15 per cent for flat racing venues.
Mixed race course locations also have the highest average price at £346,355 although this can partly be attributed to the proximity of a number of courses to London. Meanwhile, the average house price for postcodes containing a flat racing course stands at £276,497 and £258,813 for national hunt racing venues.
The five highest average prices are all in the south east. Sandown Park (KT10) in Surrey has the highest average house price of all race courses 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).
Sandown Park (KT10) and Epsom (KT18) have also seen house prices increase at a faster rate in the last year than in any other location with a race course, up 8.5 per cent.
House prices in LS22, home to Wetherby racecourse in West Yorkshire, average £348,967 which represents a 119 per cent premium over the West Yorkshire average. House prices within the same postcode area as Southwell (NG25) race course in Nottinghamshire are just over 111 per cent higher than the county 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, Head of Reseach at Chestertons.
"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."
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