Wimbledon is back, albeit in restricted capacity, as Covid continues to hang over the UK like a rain cloud over centre court…
Research by leading London estate agent, Benham and Reeves, has revealed that Covid has also taken its toll on tennis grand slam house prices over the last year, although Wimbledon continues to ace the competition where current values are concerned. Since last year, house prices in SW19, home to the All England Lawn Tennis Club, have dipped by -6%. The French Open is the only tennis grand slam to have seen a lower decline with house prices in the 16th arrondissement of Paris down -2% in the last year. House prices in Melbourne Park have seen an annual decline of -10% while in New York’s Flushing Meadows they’ve tumbled by -18%.
Melbourne Park remains the most affordable at an average of £295,312, also coming in -23% more affordable than the wider area of Melbourne. The US Open is the second most affordable property market, with the Flushing Meadows area home to an average house price of £387,569, again -16% more affordable than the wider area of New York City. France is one of just two tennis grand slams where property surrounding the venue comes in at a premium. The 16th arrondissement of Paris is home to a current average house price of £674,167, 1% more than the wider average across Paris.
However, Wimbledon is still by far the most prestigious tennis grand slam venue from a property standpoint. Despite a Covid-induced decline of -5.7% in the last year, the average house price in the Wimbledon Village postcode of SW19 still stands at ££960,561. Not only is this considerably higher than any other tennis grand slam venue, but it’s also 72% above the average of £557,445 across the wider borough of Merton.
|Tennis Major||Location||Current Average House Price||Wider Area||Current Average House Price||Difference||Sources|
|Wimbledon||Wimbledon Village/Park (SW19)||£960,561||London Borough of Merton||£557,445||72%||PropertyData/Gov.uk|
|French Open||16th arrondissement of Paris||£674,167||Paris||£664,380||1%||Paris Property Group|
|US Open||Flushing Meadows (Corona Park)||£387,569||New York City||£461,715||-16%||Zillow|
|Australian Open||Melbourne Park (Richmond/Southbank)||£295,312||Melbourne||£382,811||-23%||Propertyvalue.com.au|
Director of Benham and Reeves, Marc von Grundherr, commented:
“Wimbledon is a huge event that has an incredibly influential impact on the local housing market in the Wimbledon area and so with last year’s tournament cancelled, it comes as no surprise that property values have slumped a little. In fact, this echoes the wider London trend whereby a drop in both domestic and international homebuyer demand has caused the market to stutter and the rate of house price growth to cool. While there is an undercurrent of interest now starting to build we’re yet to see a full return to form, and a reduced Wimbledon capacity this year won’t have helped revive the local market. However, the signs are very positive for the year ahead and so if you can’t get centre court tickets, now is certainly a good time to buy a property within arms reach.”