Properties located in the most iconic festival towns and villages have seen house price growth in excess of £100,000 over the last seven years, according to new Rightmove data analysed by Jackson-Stops & Staff.
Pilton in Somerset, home of Glastonbury Festival, has seen house prices grow by nearly a quarter since 2010, a rise equating to £101,510. This figure is much higher than that of Somerset as a whole. House prices in the county have only risen by £60,150 in the same period.
Another standout area from Rightmove’s data is Hay-On-Wye, home of the Hay Festival of Literature and the Arts, which is now in its 30th year. Property owners in Hay-On-Wye have made £78,710 more on their homes over the past seven years than the unitary authority of Powys as a whole, in which Hay-On-Wye resides.
Inhabitants of Henley-On-Thames, host town of Henley Festival, have seen house prices increase 45 per cent over the last seven years, a rise equivalent to £232,080. Henley-On-Thames, like Pilton and Hay-On-Wye, has also outperformed its county as a whole; Oxfordshire saw growth of just over 30 per cent.
Another highlight is Glyndebourne, in East Sussex, which hosts the Festival Opera. The area has seen house price growth of £196,470, or just over 50 per cent, over the last seven years.
Nick Leeming, chairman at Jackson-Stops & Staff, said: "The UK’s love of festivals has never been higher, which is reflected in people’s desire to live in their vicinity, contributing to the house price growth premium shown in the data.
"The inward investment festival-goers bring to an area contributes to improved infrastructure and amenities, which all help add to the value of local homes. From musical to literary, food and action, festivals draw in huge crowds and are often an opportune time for would-be-sellers to capitalise on the associated hype. Aside from price growth, with record traffic passing through high streets and past estate agent windows, sellers would do well to consider marketing their home at this time of the year."
He added: "Many homeowners use festivals as a way of drawing in extra income through holiday letting. Short term rental accommodation can attract a significant premium over these festival weekends with many owners either letting spare rooms out or decamping and offering the entire home to families."
Miles Shipside, commercial director of Rightmove said: "We often see spikes in search activity for locations that lots of people are talking about at the time, be that for festivals, TV shows or films. So, marketing your property at a time when these spikes occur could mean you get more interest from potential buyers who may otherwise not have considered that area until they heard about it on TV or visited it to enjoy an event."