Wimbledon may be hot news at the moment, but when it comes to property prices it is not the winning location, according to eMoov.co.uk.
The online estate agent compared house price data for each of the four tennis Grand Slam locations over the past year and found that this corner of south-west London is the only one of the four locations, including Paris, Melbourne and New York, where property prices have dropped in value since Andy Murray won Wimbledon last year.
eMoov looked at the property performance neighbourhoods near the Australian Open (Melbourne’s Fitzroy), French Open (Paris’ 16eme arrondissement) and American Open (New York City’s Queens) and found that the average property price across all four neighbourhoods to host a Grand Slam is £987,743 – a 5.3% rise year on year.
In contrast, house prices in Wimbledon Village went down by -2.0% and by -2.4% in Wimbledon as a whole last year, with an average price of £1,526,752 and £753,354 respectively.
Meanwhile, in Melbourne’s Fitzroy, where the Australian Open takes place in January each year, prices went up by 3.5% from £798,010 to £825,913 in 2017.
In Paris’s 16ème arrondissement, where the French Open took place last month at the Stade Roland Garros, property prices have gone up by 4.8% over the past year. An average-sized property now costs £1,970,185.
But top of the Grand Slams for house price growth is New York City’s Queens neighbourhood – home to the American Open in August/September – where property is currently valued at £401,482 on average – a 15.4% hike from £347,904 in 2016, making it the most affordable of all the Grand Slam neighbourhoods.
Russell Quirk, chief executive of eMoov, says: “Hosting a major sporting event of any kind can have a positive impact on the property landscape hosting these competitions, as well as the additional economic benefit enjoyed for the duration of the event.
“This research would suggest that London’s high-end market is no longer the cream of the international crop where property is concerned. However, while prices may remain flat for the remainder of the year, we should see stability return for Wimbledon in 2018.”
- But it’s not all bad news for Wimbledon: in separate research peer-to-peer lending platform Lendy has revealed that Londoners borrowed £17 million in new mortgages last year, with affluent London neighbourhoods, such as Wimbledon and Wandsworth, topping the borrowing league table. Some £408 million in new mortgages were taken out in Wimbledon – second only to Wandsworth, which had £472 million in new mortgages last year.