Asking prices rise £130,000 in five years around new Spurs stadium
- The area around Tottenham’s new stadium has seen average asking prices increase the most when compared to other modern stadiums around the UK, up by 56% since 2014
- Properties near the north London arena are where asking rents have risen most too, up by 26%
- Rightmove analysed asking prices and rents within half a mile of some of the most modern football stadiums between April 2014 and April 2019
Tottenham Hotspur have hit the back of the net off the field as Rightmove analysis shows average asking prices near their new stadium have increased by over £130,000 over the past five years.
The UK’s number one property website looked at asking prices of homes within 0.5 miles of the revamped White Hart Lane stadium, which is reported to have cost around £1 billion.
The findings compare to rivals Arsenal where asking prices have increased by 13% in the past five years around the Emirates Stadium in London.
Across London as a whole, average asking prices have increased by just 9% in the same five-year period, while in the whole area of Tottenham asking prices have risen 40%.
The London market has been cooling in many areas over the past few years, and asking prices in London are now 2.5% lower than they were this time last year. However, asking prices within half a mile of Tottenham’s new stadium have bucked this trend, up by 1% over the past year. The cost of renting near the stadium, which opened in April, is also up 26% from £1,090 per month in 2014 to £1,372 per month in the current market.
Mustafa Khalifa, director of Hunters Estate Agents in Tottenham, added: “Those findings are really interesting because the new Spurs stadium has definitely created a buzz around here. Things are changing and money is being spent in the area. Lots of businesses like trendy bars and independent cafes and gyms are opening up around here, at least one a month. Tottenham has historically been an affordable part of London and now the market is definitely on the up; the stadium has definitely made a difference because this buzz has coincided with the period it’s been built. The area around the stadium was actually the cheapest part of Tottenham but now we’re seeing lots of big developers creating homes in this community. The quality of stock is improving and we’re seeing more owner occupiers than investors, which was previously the case. I think the new stadium and the improved infrastructure and everything that comes with that package, has helped boost the market.”
Manchester City’s Etihad stadium finished second in our table, with the average asking price of homes within 0.5 miles of the 55,097-capacity arena rising by 55% to £155,644 since April 2014.
Elsewhere, League One outfit MK Dons have seen properties surrounding their new home grow by 46%, while the country’s national stomping ground, Wembley Stadium, has seen increases of 34%.
Rightmove’s property expert Miles Shipside said: “Football is our national sport. It’s woven into the fabric of our society. Each arena is more impressive and technologically advanced than the last and it’s clear for all to see how positive their impact can be on house prices in the surrounding communities. These stadiums create lots of new jobs, become popular with tourists and spark regeneration in local areas. Spurs fans will naturally be disappointed after losing the Champions League final, but their new stadium has done wonders off the pitch and I’m sure many clubs will look to continue this trend.”
Average sales growth of UK’s most modern football stadiums:
|Stadium||Average asking price
|Average asking price
|Tottenham Hotspur Stadium||£232,584||£363,766||56%|
|Cardiff City Stadium||£172,437||£234,823||36%|
Average rental growth of UK’s most modern football stadiums*:
|Stadium||Average asking rent per month April 2014||Average asking rent per month April 2019||% change|
|Tottenham Hotspur Stadium||£1,090||£1,372||26%|
*Stadium MK, Pride Park and Cardiff City Stadium are not included in the rental data due to insufficient five-year data within 0.5 miles.