Although we’re unlikely to enjoy any festivals this summer, research by lettings and estate agent Benham and Reeves has looked at the cost of renting and buying around the UK’s top 20 festival locations for those with an eye on next year.
The research shows that on average, the cost of buying around one of the UK’s biggest festival sites comes in at £398,035; 72% higher than the current UK house price.
With an average rental cost of £1,068, it’s also 11% more expensive to rent in these locations when compared to the UK as a whole.
When it comes to the headline house price act, the British Summer Time festival in Hyde Park is top of the bill. The average house price surrounding the festival tops £1m and is some 355% more than the UK average.
Predictably, BST’s supporting acts are primarily comprised of London-based events, with Clapham’s South West Four, Finsbury Park’s Wireless, Gunnersbury Park’s Lovebox and Victoria Park’s All Points East all home to an average house price between 127% and 193% higher than the UK average.
The only other area to see house prices surrounding a festival site come in 100% higher than the UK average is Winchester’s BoomTown festival with an average property price of £513,217.
Just one UK festival is home to an average house price below that of the UK. Property prices surrounding Glasgow’s TRNSMT festival currently average just £167,242, -28% below the national average.
But if you’re looking to live near your favourite festival site, there is some good news. Renting is more affordable around the majority of these locations when compared to the national average.
Again, each of the London-based festivals along with BoomTown in Winchester and Oxfordshire’s Wilderness Festival, Derby’s Download Festival and Dorset’s Bestival are home to an average rental cost between 4% and 139% higher than the UK average.
However, opt to rent around Cumbria’s Kendal Calling, and you’ll pay just £563 per month on average; -41% less than the current UK average. But it isn’t just Cumbria that offers a festival rental bargain. Ten other festival locations from Glasgow to Glastonbury, Newport to Dundee and more are home to an average rental cost below the current national average.
Director of Benham and Reeves, Marc von Grundherr, commented:
“The nearby presence of a major festival will undoubtedly be a selling point for many within the rental market, although I’m not sure how desirable it is for the majority of homebuyers when looking to purchase a property.
But despite the hordes of festival-goers on your doorstep each year, property prices surrounding these sites remain robust. Almost all of them come in above the national average, so perhaps it makes for a smart investment after all.”