With the Euros kicking off summer 2021’s sporting festivities, the property market has responded positively, continuing to thrive off of pent-up demand from buyers looking to score a home near the action and invest in a property close to a stadium.
As the world cautiously begins to return to normality, buyers are drawn to the buzz of sporting hotspots across the UK – from Wembley in London to Hampden Park in Glasgow. With these areas rich in culture alongside offering buyers a front row seat to sports this summer and beyond, sales close to stadiums continue to perform well.
It’s not just buyers hoping to get a taste of sports now either, as the long-term effects of investing in a property in these areas leaves a legacy beyond the four weeks of a tournament. John O’Malley, at Pacitti Jones’ Glasgow office, points out: “The last big thing to come out of Glasgow was the Commonwealth Games seven years ago, so everyone is excited for the Euros and the buzz it will bring.”
Research carried out by First Mortgage shows that in some parts of Glasgow property prices increased by 33% in the following five years after the Commonwealth Games. As Glasgow embraces being just one of 11 host cities in the Euros, property prices are only expected to increase in value as the city is in the midst of a regeneration project which will focus on delivering a green city centre over the next three decades.
John adds: “Glasgow is a city that has come into its own during lockdown. As people search for value and space, many are bypassing expensive cities that are smaller, like Edinburgh, attracted to Glasgow’s better-value homes, exceptional countryside and stunning historic architecture. The middle market here is booming, as well as affordable family homes. Demand is far outstripping supply, and it’s impossible to keep up.”
In the south, there is a similarly positive outlook, with the regeneration of areas in sporting hotspots seeing strong house price growth. Property prices in Wembley’s HA9 area close to Wembley Stadium rose to an average of £504,058 over the last year, an increase of 35% according to Rightmove. The area is going through a multi-billion-pound regeneration project which will see the delivery of thousands of new homes, the creation of hundreds of new jobs, a range of leisure facilities and improvements to public transport. Client Barratt London is one of the housebuilders investing in the area.
“The amenities in Wembley are second to none,” says Pam Reardon, Sales and Marketing Director at Barratt East London. “The infrastructure of the stadium means this is the perfect place to be for those that want a thriving entertainment scene, busy shops and fast connections.”
Karen Goodwin, Partner at National Buying Agents Heaton & Partners, concurs: “The influx of visitors to major sporting venues can create a kind of micro-tourist economy, bringing in a constant flow of outside money and catering to this through new restaurants, shops and transport. Naturally, housing follows suit in these buzzing areas. If we think of areas like Wimbledon and Twickenham – perhaps the most famous two sporting venues in London – their respective property markets have blossomed and are now seen as very affluent places to buy in.”
And it’s not just a UK trend – the
desirability of investing in a home in a sporting hotspot can be seen at an
international level, most notably in Tokyo ahead of the Tokyo Olympics, which
has seen major regeneration plans to be implemented in the capital, with
several projects created to enhance the area around the existing stadiums from
1964. There have been calls for the games to continue even without spectators
to allow for real estate to be shown to international buyers, with the games
acting as a ‘show window’ for prospective investors.