Ryder Cup Gives Newport Housing Market A Sporting Chance
While the local economic outlook remains uncertain for many towns and cities throughout the UK, Newport has found itself in an enviable position, with all eyes to be focussed on the city next year as it plays host to the 38th Ryder Cup.
The local property market is set to benefit significantly in the short term from the intense exposure that comes with the event, according to Email4property.co.uk, the online network of estate agents, which is predicting a boom in rental demand in the weeks surrounding the three day tournament starting on the 1st October 2010.
However, the impact of the event is expected to extend beyond the tournament’s short visit. Newport has already undergone extensive regeneration since being named as host for the 2010 tournament back in 2001, and the exposure brought by the Ryder Cup may help to draw attention to the city’s progression, supporting the local housing market in the longer term.
Steve Lees, Head of Marketing at Email4property.co.uk, comments:
“Major sporting events generally work to raise the profile of the host town, and there are few bigger occasions in the world sporting calendar than the Ryder Cup. The local economy is set to receive a major boost from the interest and tourism generated by the tournament, which could have far reaching effects beyond a few weeks next autumn.
The Newport 2020 ‘Unlimited Vision’ scheme has outlined over £2bn worth of investment in over 100 projects in the city over the next ten years, with the goal of transforming the city’s living, working and leisure environment. The presence of the Ryder Cup may well have worked to keep the momentum going on this despite the current economic climate.
Savvy home buyers and investors may now be looking beyond current housing market conditions, taking advantage of the current low prices available, to capitalise on the future prospects of t
Kelvin Francis, of Kelvin Francis Ltd estate agent, adds:
The Ryder Cup will help to raise Newport’s profile significantly, having lost out to Cardiff in recent years, which has benefitted from hosting major sporting events such as the FA Cup final, as well as international Rugby tests and the Six Nations.
There is a great deal of local pride in hosting an event of this magnitude, and it should also have its rewards, at least in the short term. Homeowners to the west of Newport will find their properties to be significant assets for a good few weeks over September/October 2010, as golf fans pour in from across the world for extended stays.
American sporting tourists are particularly renowned as lucrative short-term tenants, and those looking to rent out homes, rooms or even parking spaces over this period could see a major profit.”
House prices in Newport have fallen 13.6% over past twelve months. The average house price in the city currently stands at £124,000, 19% below the national average, recorded by the Land Registry.
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