With the start of Queens this week, Britain’s summer obsession with the game of tennis is well and truly underway.
As all eyes turn to Wimbledon, online estate agent, eMoov.co.uk, has looked at how property in the area differs to the other Majors in the tennis calendar and how owners in the area can make the most of the manic two weeks to come.
With an average house price of £745,000, property in Wimbledon is more expensive than the London average, let alone the national UK average. Although property prices in the area have dropped by 3 percent over the last year, the average price of a flat still fetches over the £400,000 mark. Even renting a place in Wimbledon can be largely unaffordable for most, with the average asking rent at £2,800 a month.
This is largely due to the ease of commuting to the city and the inflated price of property across the capital in recent years, as well as the allure of residing close to the world’s most famous tennis venue.
However if you want to be rubbing shoulders with the big names at Wimbledon, buying a property in its most prestigious area, Wimbledon Village, will ensure this. Although prices in the area have dropped by £50,000 since Djokovic won in 2014 the average house price is just under £1.4 million, with the average rent at over £3,000 a month, making Wimbledon by far the most expensive of the four tennis Grand Slam locations.
A property in Fitzroy Victoria, around a ten minute drive to Melbourne Park home of the Australian Open, costs £650,000 on average, with property in Melbourne having increased by 4.5 percent over the last year.
A place in the 16ème arrondissement, the district in which the Roland Garros home of the French Open is located, goes for around £6,250 a square meter. With the average one bedroom property at around 30 square metres, properties in the Ile-de-France region can start anywhere around the 190,000 mark but can fetch way beyond this, resulting in an average house price of £421,000 with house prices in some parts topping £4 million
New York has benefitted from an increase in property prices of 4.3 percent over the last year, with the average property price in the city at £787,794. A property just a short distance from the U.S Open sells for about £400k on average.
So as the crowds descend on Wimbledon and Henman Hill, there is a way for local residence to maximise their property to pay for itself, if only for a fortnight.
Sites such as Air BnB have made it increasingly easy for homeowners worldwide to profit from their additional property space. By renting out their spare bedroom or apartment, they can make money on it, whilst others save money on expensive hotel rates.
For the two weeks that the tennis world focusses its attention on Wimbledon, a small basement flat close to the venue, can fetch as much as £1,500 over the fortnight.
Even renting out a single bedroom can provide you with an additional £500 to help pay the bills. When you consider a nearby hotel can set you back £144 just for the night, why wouldn’t you take advantage of the overwhelming demand in the area and cash in?
Especially if you aren’t a tennis fan, taking two weeks away to escape the crowds could practically pay for itself.
Founder and CEO of eMoov, Russell Quirk, commented:
“It’s not too surprising property around Wimbledon comes out on top in terms of price. Although all major cities command a higher price where property is concerned, it just demonstrates how out of control the London property market has become.”
“Property in the capital is now so expensive, it makes sense for Wimbledon home owners to take advantage of the fortnight demand and cash in.
For the average homeowner, the only way of affording a property in Wimbledon Village, would be to win Wimbledon itself.”