Doncaster house prices could boom by £18,000 due to city status, study finds

Property values in Doncaster could soar by almost as much as £20,000 due to the town becoming a city, housing experts have said.
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Homeowners across the region could see the price of their home rocket in the wake of Doncaster being named a city as part of the Queen’s Platinum Jubilee celebrations with previous city status areas seeing prices rise in subsequent years.

Property platform Boomin say that UK towns given city status could see house prices boosted by as much as £37,000 in the year that follows.

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Boomin analysed local house price data for the nine towns across Britain to have previously been awarded city status during the Millennium competition in 2000 and the Queen’s Golden and Diamond Jubilees in 2002 and 2012.

Doncaster could be set for a housing prices boom after being awarded city status.Doncaster could be set for a housing prices boom after being awarded city status.
Doncaster could be set for a housing prices boom after being awarded city status.

The research shows that:

On average across these nine areas, house prices climbed by a respectable 12% in the year that followed their new found city status.

Having obtained city status as part of the Golden Jubilee celebrations, house prices in Newport climbed 29% over the following year, with Preston also seeing 26% growth, while Brighton property values jumped 19% in a single year following the Millennium competition.

So what could new found city status mean for the next batch of British towns where their local housing markets are concerned?

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Boomin looked at the current cost of buying and what the average 12% boost would mean for homeowners in each city.

Milton Keynes could be due to see the biggest boost to property values following the Queen’s Platinum Jubilee. With the average house price currently sitting at £315,173, a city status boost could add a further £36,875.

House prices in Douglas on the Isle of Man could see a similar increase (£36,643), with Colchester house prices also climbing by just over £36,000.

A city status boost could help add over £20,000 to the average property value in Wrexham (+£23,188) and Bangor (+£21,990), with Dunfermline (+£19,534) and Doncaster (+£18,291) not far behind.

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Michael Bruce, CEO and Founder of Boomin, says: “There’s no doubt that city status will bring about a big boost to those towns due to benefit from the Platinum Jubilee celebrations, as this added layer of prestige is sure to attract more business and investment which, in turn, will help cultivate the local economy from the ground up.

"The knock on effect of this positive economic growth is sure to be greater demand for housing, boosting local property values in the process. In fact, based on the market growth seen across previous towns to receive city status, homeowners in the likes of Milton Keynes could find themselves considerably better off in just 12 months time.”

Doncaster was one of eight towns across the UK and overseas awarded city status, with Milton Keynes and Colchester the only other two towns in England given city status.

It was Doncaster’s fourth bid, after several previous attempts.

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In 2000, Doncaster lost out to Brighton, Inverness and Wolverhampton and again in 2002 for the Queen’s Jubilee when Preston, Stirling, Newport, and Northern Ireland’s Lisburn and Newry were selected.

Doncaster tried again in 2012 but Chelmsford, St Asaph in Wales and Perth in Scotland were chosen instead.