While many of us will have been gearing up for two weeks of tennis this weekend, London lettings and estate agent, Benham and Reeves, has looked at house prices around the now cancelled Wimbledon venue and how they compare to the other majors in the tennis calendar.
For the most affordable property within reaching distance of a major venue, tennis fans should head to Melbourne. Melbourne Park, home to the Australian Open, is also home to an average property price of £327,232 within the surrounding area. The area also represents the biggest bargain when compared to the wider city, with prices -20% lower than the Melbourne average.
The US Open is the next most affordable location for tennis fans, with the average house price surrounding Flushing Meadows Corona Park currently coming in at £474,099. Again, this is -10% more affordable than the average house price in New York City as a whole.
Across the 16th Arrondissement of Paris, home to the French Open, the current average house prices is a respectable £690,724, 4% higher than the average property price in Paris.
However, there is one clear winner when it comes to the cost of buying around a major tennis venue. The current average price of homes listed for sale in the Wimbledon SW19 postcode comes in just over the one million pound mark (£1,018,723).
Not only do Wimbledon property costs come in 47% higher than the 16th Arrondissement of Paris, but they’re also some 112% higher than the current London average.
Director of Benham and Reeves, Marc von Grundherr, commented:
“COVID-19 may have spoiled the party for this year’s Wimbledon even, but homeowners in the area still have cause for celebration. As arguably the world’s most famous tennis event, it makes sense that Wimbledon also lifts the title for most prestigious property neighbourhood when compared to the other major events in the calendar.
Not only this but Wimbledon is one of four golden prime London suburbs alongside Richmond, Dulwich and Hampstead so it’s not just the strawberries and cream that are grade one, it’s the neighbouring properties as well.
While the cancellation of this year’s event might have an impact on the local economy, and indeed the short term rental market in the area, it’s unlikely to bring about any decline in property values.
Wimbledon is one of those areas of London that carries so much weight and reputation that regardless of broader market influences, there will always be demand from prime London buyers who wish to call it home.”