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PLAYING UP: Pompey’s promotion and its effect on the local housing market

General News   |   April 18, 2024   |   Lizzie

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They left it late but what a great result – our local football club Portsmouth FC sealed promotion to the Championship with a 3-2 win over Barnsley, the winning goal coming in the 89th minute.

As long-standing supporters, we congratulate all at the club for this success and look forward to seeing the team continue to do well next season.

The uplift and sense of positivity from such a notable sporting achievement is great news for our region, whether or not you are a football fan.

We believe the promotion will help the local economy and the health of the property market.

It’s 14 years ago now since Pompey entered administration in the Premier League, finally being saved by a financial rescue package in 2013.

The club has been, remains and will continue to be a key element of the fabric of the city of Portsmouth.

It has such a strong following of support in the city, wider region and further afield.

And we certainly feel that here at Chinneck Shaw. In the latter part of his career, our founder James Steele Chinneck went on to become a director and chairman of Portsmouth FC during a period when the club won both the League and FA Cup. Those were the days!

Positive results in matches give the community a lift. One can sense it in the days following a win or good performance.

The club attracts a large number of visitors on match days many of whom spend money in venues across the city. Promotion back to the Championship, and the opportunities to play teams with bigger support than those in League One will definitely help with this.

Reflecting the feel-good factor, the University of Portsmouth told the BBC it expected to see a ‘surge’ in prospective student applications.

At the same time, the assistant principal of Havant and South Downs College, Aaron Butson, said businesses and the local economy would definitely benefit from the club’s promotion.

Mr Butson said: “Whether it’s the burger van at the ground, the cafes, restaurants, bars, the hospitality trade will definitely feel the benefit. Next year the crowds will be bigger. Merchandise will go up. The feel-good factor will make people more fluid with their money. It makes the city feel young, it makes the city feel vibrant again.”

So what does this all mean for the local property market?

The experience of Leicester City, who won the Premier League in 2016 after being promoted two years before, offers an intriguing comparison.

When they were promoted in 2014, average house prices in Leicester rose by 4.4%. In 2015 the club finished 14th in the league table and prices rose by just 0.4%.

In the year after they won the Premier League, prices went up by a massive 7.6%. For more analysis on this, see this story.

Fingers crossed Pompey will continue to do well. And if they stay successful, we predict that healthy growth in local house prices will follow.

To discover more about property values in Portsmouth and Southsea, visit our valuation pages. If you are looking to sell a property, we can offer you a face-to-face valuation with one of our local property experts, free without any obligation.

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