House prices are the big winner of the Boat Race House prices are the big winner of the Boat Race
Thu 09 Apr 2015
Homeowners along the River Thames will have the best view of the Boat Race, but who sails ahead in the property price stakes?
Homeowners along the BNY Mellon Boat Race course in London will be celebrating a year of steady house price growth as one of the world's longest running sports events gets under way this weekend.
Average house prices in the areas surrounding the famed stretch of the River Thames have continued to rise, with properties in Hammersmith seeing the greatest increase in value, according to data from Zoopla.
The average price in Hammersmith currently stands at 932,084, with prices up by 4.36 per cent - the equivalent of 38,957 - in the last year.
Chiswick comes in second, with values rising by 4.3 per cent in 12 months since Oxford and Cambridge last battled for glory. Average property prices in the area are now 1,038,542, On the Surrey side of the course, Putney has seen the greatest price growth at 3.17 per cent, leaving average prices in the area at 786,653.
Marsh & Parsons statistics show that the most expensive homes on the course are at the end of the race, with properties on Mortlake's leafy Thames Bank overlooking the river worth more than 4.5m on average. The price of a riverside home along the route of the boat race will set buyers back an average 1,311,354.
Prices are on the up thanks to several new housing developments around Fulham Reach, which are boosting the desirability of the area among both young professionals and investors, according to Marsh & Parsons.
Views of the river and landmarks, such as the Harrods Furniture Depository and Hammersmith Bridge, come at a premium and can add an extra 20 per cent to the asking price.
Peter Rollings, chief executive of Marsh & Parsons, said: "As a sporting phenomenon attracting spectators from all over the globe, the Boat Race shines a spotlight on this leafy stretch of the Thames every year, but these famous riverbanks also attract buyers day-in-day-out with waterside walks, bustling boutique high streets and a great selection of pubs to socialise in.
"As a result, house price growth among these waterfront properties is swimming along steadily, and it shouldn't be forgotten that this is on top of a much higher base than adjacent streets, as waterfront buyers also have to dig a little deeper into their pockets to snap up their vista of the Thames."
In the boat race, Cambridge is currently ahead of Oxford in terms of race victories with 81 wins and 78 wins apiece, but Oxford is outdoing Cambridge in the house price stakes.
Oxford's average house price stands at 429,996, with values up by 36,770, the equivalent of 9.35 per cent in the last year, according to Zoopla.
Cambridge lags behind, with average prices of 383,778. But values have still increased significantly by 24,922 - or 6.95 per cent - in the last 12 months.