How Roundhay Park's new status as a big concert destination will impact the local housing market
Roundhay Park's new concert destination status is set to positively impact the Leeds housing market, especially with enhanced infrastructure and increased rental demand, according to a local property expert.
The Council has approved a licence to increase the capacity of Roundhay Park to almost 70,000 for up to two large outdoor concerts per year, firmly establishing Leeds as a cultural destination where large scale artists will now perform.
It will provide a huge boost for the local economy, attracting more people to the city who will spend while they’re here. But will it help boost the local property market too?
Mark Manning, managing director of Leeds-based estate agent Manning Stainton said: “My view is that if the Council plan and manage the events properly, ensuring the correct infrastructure and transport networks are put in place, then it will have a positive impact for the housing market in Leeds.”
Amenity premium
Homes near major venues are attractive to buyers, particularly younger professionals who want to live close to places where high profile events take place.
Mark said: “Roundhay is already a property hotspot in Leeds and the park’s new status as a mega venue will heighten its popularity. Local businesses will also benefit, and more are likely to open to meet increased demand, further increasing the popularity of both the immediate area and surrounding suburbs, including Chapel Allerton, Moortown and Oakwood where there’s good access to the park.”
Increase in rental demand
Large concerts bring short bursts of visitors, including fans, crew and touring staff, who all often need short term accommodation.
Mr Manning explained: “This will raise demand for short term lettings in areas close to the park and I think we’ll also see more local people renting out their homes on event weekends via sites like Airbnb. I think we’ll also see more investors buying in the area to meet increased demand from people who want to rent in areas where large-scale events take place.”
Improved infrastructure
“To move thousands of concert goers to and from Roundhay Park safely, the Council will need to invest in new transport links, and these upgrades will benefit everyday commuters and people living in the immediate areas if they are implemented properly. Improved public transport links in and out of the city will further improve the area’s popularity amongst buyers and help to push up house prices.”
Careful considerations
Despite all these positives, there are likely to be some issues that local residents won’t be happy with, including increased noise, traffic congestion and infrastructure strain on event weekends.
Mark concluded: “The Council must ensure that all the necessary transport links are put in place and tested ahead of the first big events happening to ease the fears of local residents. Local communities should also be consulted with, as should other councils from cities used to regularly hosting large scale events so they can advice on best practice.
“If these things are done properly, then everybody will benefit and Roundhay’s new status as a mega concert venue will help boost the local economy and property market.”