Wimbledon commands highest Grand Slam property premium
As part of Bdaily’s latest feature week, The Property Market, we look to Wimbledon, which is “back to its best” this year after last year’s tournament was restricted by the pandemic.
Ahead of the iconic tennis tournament, research from London lettings and estate agent, Benham and Reeves, has revealed that Wimbledon continues to “dominate” its Grand Slam counterparts in the housing market as well as on the court.
Benham and Reeves has analysed house prices and price growth across the four Grand Slam venues: Melbourne, Australia; Paris, France; New York City, USA, and London, England.
The research shows that the French Open aces the rest when it comes to having the most expensive Grand Slam homes in the current market. The tournament is played in Paris’s 16th Arrondissement where the average house price is £735,001.
SW19 in London, the home of Wimbledon, serves up an average house price of £694,407 while Flushing Meadows in Queens, NYC, home of the US Open, commands an average price of £494,358. Prices surrounding the Australian Open’s Melbourne Park venue average out at £320,740, the most affordable of the set.
In terms of local house price growth in the past year, the US Open that takes the glory with growth of 27.6 per cent, followed by Wimbledon (12.6 per cent), the French Open (9 per cent), and the Australian Open (8.6 per cent).
However, Wimbledon easily remains the most prestigious Grand Slam location in the world when it comes to the premium paid for properties in the surrounding area. Homes in the SW19 postcode are, on average, 23 per cent more expensive than those in the wider borough of Merton; the cash equivalent of £129,658.
Director of Benham and Reeves, Marc von Grundherr, commented: “No other tennis Grand Slam venue carries the prestige of Wimbledon and so it goes without saying that no other surrounding property market carries the same price premiums.
“The London property market hasn’t performed at the same level as the rest of the UK during the pandemic property market boom and so top line values in SW19 are perhaps a little muted. But despite this, buyers continue to pay above and beyond to live within arm’s reach of the world’s most famous and respected tennis venue.”
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