It’s a question that many AFC Bournemouth fans hope gets answered come May, with Eddie Howe’s men challenging at the top of the Championship for a place in the prestigious Premier League.
Millions pumped into the economy
Richard Carr, a Commercial and Residential Development Specialist who has operated in the region for over three decades, believes the football team’s promotion will improve the areas already burgeoning economy.
Last week, Richard wrote about Bournemouth’s rise as a digital powerhouse in the UK. Over the past four years, the south coast town has overtaken London as the UK’s quickest growing digital economy.
He believes the football team’s promotion will only heighten the success of the region.
Promotion to the Premier League brings an increase in exposure and tourism for the area, but more importantly, millions of pounds from TV deals and sponsorship for the club.
All of the above is good for the area and it’s up to businesses within the region to take advantage of the opportunity, because it’s one thing getting into the top flight of English football, but another staying there.
Business owners may only have a year to capitalise on the increased footfall that will escalate the amount of money in the local economy.
Bournemouth is already home to famous names within football, most notably Jamie and Harry Redknapp, who both have homes in the area.
However, if Bournemouth achieves promotion they will need to improve their squad with players of Premier League quality. Players of Premier League quality are paid large wages, possibly 200% more than what the current crop earn.
Meaning they have more money to spend on property.
Richard predicts that house and rent prices in the area will rise dramatically if Bournemouth achieve promotion, especially those at the top end of the market. There is also an opportunity for property developers who have sites in construction to achieve greater profits on their projects.
Tenants hardly come any better than a Premier League footballer, a person with endless amounts of disposable income – and that has certainly proved the case in Swansea.
Swansea, promoted to the Premier League in 2011, are now an established part of the top flight and with that possess a number of highly valuable footballers.
The southwales-eveningpost.co.uk reported that recent signings Lukasz Fabianski and Bafetembi Gomis have contributed to an increase in the highest monthly rental prices in the city.
According to the paper, sought-after homes have generated triple the amount they earned before The Swans achieved promotion, with player property budgets increasing from £1,000 to £3,000 per month.
Tom Hope, manager of Dawsons estate agents’ Mumbles branch and who was involved in both Fabianski and striker Gomis’ move, told the paper: “There is no doubt the high-end rental market is buoyant now compared to before. The better the club has done and the more established in the Premier League it has become, the higher the rents. There have been more signings, the profile of the players is bigger and so are the budgets they have to spend.
“For people who own £1 million properties, there wasn’t the business out there before, but now there is. This has changed completely and it is purely down to the club and types of players they have there at the moment.”
Opportunities for landlords in Bournemouth
If Bournemouth achieve promotion this season, or even next season, there will be a rise in high-profile clientele and Richard Carr believes that this offers a great opportunity to landlords and developers. In fact, this will have a drastic effect on the whole economy and fingers crossed!