World Cup helps bring house prices home in Devon
The World Cup is the biggest sporting event across the planet, with the potential exception of the Olympics. I must admit I was surprised when recent research showed a link between the England team’s performances at the competition and the housing market back home.
But it does exist – believe it or not! And homeowners and buyers in Devon could be among those to profit from the squad’s progress.
Historical housing trends based on England’s World Cup performances
Statistically, the UK’s housing market performs more promisingly when England does better at the World Cup.
‘What?’ I hear you saying. ‘Really?’ It might sound fictional, but it’s true. Research conducted by Barrows and Forrester, a small estate agent based in Birmingham and Lichfield, found a direct correlation between the team’s performance and the housing market for the entire country. It sounds crazy, but it’s true.
For example, in years when the England squad made it through the group stage and into the last sixteen knockout games, the market saw an average of 2.8% growth.
When the team makes it to the quarter-final (as they did this year), or progresses even further, we see 5.3% increases.
England has only ever made it to the World Cup final once, in that much-sung-about 1966 Wembley game (which we won). In that one year (which isn’t great for statistical analysis), house prices rose by 3.6%.
Finally, in the years when England didn’t even make it to the World Cup (those ‘years of hurt’), the housing markets performed worst of all.
What could the correlation be? Well, perhaps it’s a coincidence. I feel it’s more likely that in these years, the housing market could be buoyed by a feeling of general optimism, like we’re proud to be English. This may cause more substantial growth in the property industry.
Why might Devon’s house prices increase with a solid World Cup performance?
So, why would Devon benefit from England’s World Cup performance? Well, since the last time the tournament was held (2018), North Devon has seen property values increase by about 60%. It’s the best-performing market in the country.
This year, England made it to the quarter-final, cruelling losing against France (but returning with heads held high). Historically, that means we might expect the property market to bounce back a little.
Since North Devon is currently the strongest housing market in the country, it can expect to see the most significant boost.
Having said all that, we are facing a few unique factors this year. The cost-of-living crisis and one of the worst recessions in history must be factored in. Plus, this year’s World Cup only finished in mid-December, when it’s usually a summer event. If it was going to impact the property industry, there isn’t time to see it. We should take a closer look at next year, though.
So, should you move to Devon?
I can’t speak highly enough of Devon. This is the space for you if you want to get away from the city and enjoy the simple pleasures of countryside life. Fresh, unpolluted breezes and easy access to the seaside make it quite literally a breath of fresh air.
You can also be sure of steady house prices. The factors I mentioned above mean this area is always in demand. In turn, this keeps their values high.
Even though the house prices in North Devon have risen the most over the past four years, Devon is still an affordable area. You’ll find yourself a lovely property with plenty of space and countryside access for a reasonable price.
Most people can’t bear the thought of being too far away from the city. I’d encourage you to do something different and consider moving here for the many additional benefits this beautiful landscape brings.
Getting a home survey in Devon
Before committing to a house purchase in Devon, I’d strongly advise getting a home survey. As a chartered surveyor, it’s my job to carry these RICS-regulated inspections out.
I’ll head over to the home you’ve submitted an offer on and conduct an inspection at a prearranged time. You’ll receive my PDF report within seven days, containing a detailed overview of the property’s condition.
You can then use this as reassurance to renegotiate a lower price, or (occasionally) it might give you a reason to withdraw your offer altogether. Either way, at least you have confidence going forward.
Is a Devon home survey something I can help you with? If so, please don’t hesitate to contact me through the form below or by navigating to my personal contact details.
I can’t wait to hear from you and to lend a hand in moving to this stunning and unspoilt part of the country.
Ben Flather, AssocRICS
