House prices in city on the rise thanks to America’s Cup, says property association

A picture of the BAR base during construction 'Picture: Shaun Roster
A picture of the BAR base during construction 'Picture: Shaun Roster
  • Portsmouth Property Association say interest in area has risen
  • More sailors are buying second properties
  • America’s Cup has played a big part in rise in house prices
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HOUSE prices in Old Portsmouth are rising as the America’s Cup has drawn in sailors from across the country, the Portsmouth Property Association has said.

House prices in the PO1 area have gone up 11.69 per cent in the past two years and have gone up 2.08 per cent in the past three months, according to Zoopla.

The sailing community is recognising it as a great place to keep a vessel

Neil Maxwell, Portsmouth Property Association

Neil Maxwell, vice-chairman of the Portsmouth Property Association, has said there has been an increase in interest from the sailing community in Old Portsmouth and Gunwharf as people seek to buy second properties.

Mr Maxwell said: ‘Undoubtedly the shortage of property coming on to the market coupled with the America’s Cup has fuelled interest and prices in the Old Portsmouth and Gunwharf areas.

‘The sailing community is recognising it as a great place to keep a vessel.

‘The great contrast between the traditional and period feel of Old Portsmouth with so much heritage where you can almost hear the ringing of Nelson’s footsteps to the up-to-date contemporary shops, restaurants and entertainment to be found at Gunwharf within a few minutes walk could not fail to provide an enjoyable day out for all generations of family members.

‘A desire to live in among it naturally follows.’

Almost 250,000 people enjoyed the America’s Cup World Series action two weeks ago.

Mr Maxwell added: ‘I think that Land Rover BAR has firmly put Portsmouth on the map as the home of sailing for the next generation of sailors.

‘Portsmouth and Southsea is on the doorstep of the Solent, has great transport links by road and rail and miles of well-maintained seafront.

‘If you’re a member of the sailing fraternity access from the local marinas means you can be directly on to the Solent within minutes of stepping aboard your vessel.

‘There are a lot of people whose interest has been awakened and they have woken up to the fact that Portsmouth is on the doorstep to the Solent.

‘There are a lot of people who we are seeing now who perhaps haven’t considered Portsmouth before but are drawn in by what’s going on down in The Camber.

‘We have had high-profile visits from the Duchess of Cambridge. It’s all helping to focus on Portsmouth and the south-east region.’

Phil Bega is the sales negotiator at Leaders Estate Agents. He added: ‘A lot of our sales have been from investment buyers.

‘House prices are going up. Old Portsmouth and Gunwharf are nice areas. They are prime areas to be in.’