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Towns and cities that host regular pop-up events are reaping significant financial rewards, including stronger house prices, new research has found.
Regular pop-up events, such as farmers markets and festivals, tend to help boost local trade and create a greater sense of community and social cohesion, not to mention provide local areas with major financial benefits. But have you ever considered the impact that they can have on house prices?
New research has found that regular pop-up events can significantly boost the value of homes in towns and cities that host such events.
A nationwide study of 1,000 households, conducted by ATG Access for its ‘Protecting the future of multifunctional cities’ report, found that these more vibrant and active areas saw knock on effects on stronger house prices, more trade for local shops and businesses, and a greater sense of solidarity and togetherness.
The study found that almost a third of the public – 32% – attend such events at least twice a year, with research by Manchester Metropolitan University revealing that areas which regularly host such occasions see an average uplift of 27% in visitor numbers.
The research also revealed how events help to attract house buyers, boosting residential property prices and bringing more money into the local area.
Some 10% of home buyers would actually choose to live in a location based on the availability and frequency of public events taking place, according the research.
Beyond the economic benefits of festivals, the research also highlighted the wider positives of hosting festivals, markets and sporting events.
Almost half – 45% – of the general public agree that having events and gatherings take place in their area brings a wealth of benefits, from helping to create a greater sense of community spirit and cultural diversity, to encouraging greater investment in the region, and this includes through visitor attractions, residents buying property in the area, along with businesses setting up shop.