Research by the estate agent comparison site, GetAgent.co.uk, has revealed that motorsport-mad homebuyers face paying 20% more on average to live as close to the action as possible. However, those looking to purchase near Silverstone can do so for -13% less.
The 2021 Formula One World Championship returns to the UK this month, as the great and glamorous of the motorsport world gather in Silverstone on July 18th.
To mark the occasion, GetAgent analysed house prices surrounding 17 of the UK’s most famous racetracks, before comparing these property values to the wider area in which each track is located.
On average, a track-side home comes with a premium price tag 20% above the regional average, but to live near some circuits, this premium is markedly higher.
To live near Oulton Park, situated in the Cheshire postcode area of CW6, the average house will currently set you back £493,198. This is 102% more expensive than the average house price in the wider local authority area of Cheshire and West Chester, where the average home costs £244,301.
Buyers who want to live near Lydden Hill Race Circuit, in the CT4 postcode of Kent, will have to pay £462,411 on average. This makes it 69% more expensive than the wider local authority district of Dover, in which the average house price is £273,234.
To live near the Bedford Autodrome, house buyers will have to pay an average price of £465,397. This is 52% more expensive than prices in the local authority area of Bedford where the average home costs £305,523
Anglesey Circuit, in the LL63 postcode, is home to a current average house of £289,635, 47% higher than the average price of the wider local authority district of the Isle of Anglesey (£197,578).
Other famous UK race tracks that attract higher property prices than the wider area include Snetterton (45%), Goodwood Circuit (36%), Donington Park (17%), Castle Combe Circuit (17%), Cadwell Park (10%), Mallory Park (7%), Knockhill Racing Circuit (6%) and Brands Hatch (1%).
While the majority of race tracks are located in postcodes more expensive than the wider local average, there are some that offer a more affordable option for racing made homebuyers.
The average buyer can expect to pay £130,097 to live near Aintree Motor Racing Circuit in the L9 postcode, -32% less than the wider average of £190,235 across Sefton.
Silverstone, probably the most famous racetrack in the country, is located in the NN12 postcode where the average house price is £372,744. Its wider local authority area is Buckinghamshire, where the average house price is £429,948. This makes Silvertone track-side living -13% cheaper than the surrounding region.
Thruxton Circuit, Croft Circuit and Pembrey Circuit also offer marginally more affordable house prices when compared to their wider local authorities.
Founder and CEO of GetAgent.co.uk, Colby Short, commented: “In the same way a die-hard football fan would find great appeal in a property near their favourite club, many racing fans would love to live close to one of the UK’s celebrated motorsports courses.
Unfortunately, if you want to hear the roar of combustion engines from a nearby race track, the chances are you will have to pay a property premium for the privilege, with the vast majority of the UK’s most famous racing venues home to higher house prices when compared to the wider areas.
Luckily, while the top echelons of motorsport are drenched in glitz and glamour, the roots of racing in the UK are much less heady. As a result, there are a handful of race tracks, including Silverstone, that are home to below-average house prices.”