To mark the start of the 27th Premier League season in a week’s time, new research from Halifax has revealed that, on average, a Premier League player earns almost enough every game (£69,540) to buy a house near the grounds of Liverpool or Everton, where the average house price is £78,093.
However, players would need to save up for almost half the season to scrape together the £1,111,986 needed to buy in the surroundings of Stamford Bridge or Craven Cottage. However, with an annual salary of £4,451,200, the average Chelsea player could move next door to the stadium after just 13 weeks.
In contrast, with an average annual salary of £63,361, it would take locals almost 18 years (17.6) to earn enough to be able to buy the same home.
When it comes to house price growth, Tottenham Hotspur are the run-away champions, Halifax said. Since 2008, average local house prices have rocketed by 94% to £481,609. North London rivals Arsenal’s position in the Premier League has been matched by local house prices, with an increase of 60% over 10 years also putting them sixth in Halifax’s table.
Russell Galley, managing director Halifax, said: “As clubs gear up for the start of the 27th Premier League season, it appears that for many, success on the field has rubbed off as property prices in the areas surrounding the grounds of England’s top flight clubs have risen ahead of the rest of the country.
“While football may not be coming home, many players looking to buy a house near their team’s stadium need just a few games to earn the equivalent of the average house price. Locals living nearby some grounds, such as the Emirates, have benefitted from the associated infrastructure improvements as clubs upgrade or move stadiums.”
The average house price near Premier League clubs has risen by £127,451 (47%), from £273,917 in 2008 to £401,457 in 2018. This figure is well ahead of the rest of the UK, where house prices have increased by £66,194 on average – an increase of 30%.
While clubs from the North may have dominated the top four last season, when it comes to house prices they are lagging behind the rest of the country. Since 2008, only four clubs have not seen growth in house prices. Those living near St James’ Park have seen prices fall by 14%, from £187,470 to £161,335, whilst on Merseyside homes near Everton and Liverpool have dropped by 11% to £78,093. No clubs outside London and the South have seen increases ahead of the national average of 30%.
Unsurprisingly, London-based clubs have seen the biggest increases. Behind Tottenham Hotspur, Crystal Palace has seen the second biggest increase as prices have gone from £208,348 in 2008 to £351,924 in 2018 (69%). Chelsea and Fulham, which share a postal district, have increased by two thirds (66%) to £1,111,986.
However, when looking at the last five years average prices of homes close to Premier League clubs have only grown by £11,687 (3%) – slower than the rest of England and Wales, which has risen by £46,954 (19%). For Crystal Palace, promotion to the Premier League in 2013 has also seen its house prices soar to £351,924 and growth of 79% sits them top of Halifax’s table.
Meanwhile, those living in the shadow of Old Trafford saw the value of their homes increase by 13% over the year. Bournemouth (10%) and Newcastle United (9%) complete a top three of teams based outside of London.