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With the ICC Cricket World Cup final this Sunday, Springbok Properties, has looked at the cost of investing by a host cricket stadiums in England and Wales and how this differs to the wider area.
They studied where are the most affordable ICC World Cup cricket property options, as well as where offers the best affordability when compared to the wider area based on the cost of property surrounding the cricket stadium.
On average, property surrounding an ICC World Cup cricket venue cost £402,000, considerably higher than the UK average and 9 per cent more expensive than the wider local markets in these locations.
The Riverside cricket ground in Chester-le-street, County Durham offers the most affordable foot on the ladder at £151,895, with property around the ground some £11,470 cheaper than the area as a whole.
Taunton’s County Cricket Ground is also home to a house price saving of more than £11,000 when compared to the wider area, and at £206,031, it’s the second most affordable of the cricket world cup venues when it comes to property costs.
Sophia Gardens in Cardiff is the third most affordable with property prices surrounding the ground costing an average of £219,326. It’s also home to a difference of £13,044 when compared to the average house price of £232,370 across Cardiff as a whole.
While Headingly is the fourth most affordable where average house price is concerned (£231,514), property prices surrounding the cricket stadium carries a 37 per cent premium compared to the average Leeds house price.
The highest premium, however, is Edgbaston, where house prices are 88% higher surrounding the stadium than Birmingham as a whole. Trent Bridge in Nottingham (29 per cent), the Rose Bowl in Southampton (17 per cent), Bristol Country Ground (16 per cent), Old Trafford in Manchester (15 per cent) and the home of cricket, Lord’s (14 per cent) are all home to a large property price premium.
The biggest saving, when compared to the wider area, is unbelievably in London. While property surrounding the Oval costs an average of £518,214, the second highest after Lord’s, it is actually 28 per cent cheaper than Kennington as a whole – the biggest saving of all venues.
Founder and CEO of Springbok Properties, Shepherd Ncube, commented: ‘As with any local landmark, venue or sought-after amenity a property price premium is usually applied across the surrounding market and whether you’re a cricket fan or not, living close to a cricket world cup venue is going to cost you when it comes to buying.’