Reading Prison’s ‘Banksy’ Artwork Could Boost Local Property Prices

Homes near Banksy’s original artwork tend to skyrocket, according to the numbers.

Data from the Zoopla online domain shows massive price increases in the areas where the Bristol artist has created his incredible designs.

A painting of a man “escaping” from Reading Prison appeared on the walls of the empty prison overnight on Sunday 28 February, and caused a stir.

While Banksy has yet to confirm whether Reading’s stunning artwork is one of his originals, a collector specializing in his work believes he is a legitimate Banksy.

In other parts of the country, the original Banksys saw real estate prices soar in the surrounding area.

Currently there are not many houses near Reading Prison.

However, one part that is closely interested will be Berkeley Homes, which is currently building over 700 new homes at Huntley Wharf across from the artwork.

People living in the new Verto Apartments, a few meters from King’s Road, will also be interested in the effect this has on their already expensive properties.

The increase will depend on whether it is an original Banksy, as well as whether the Department of Justice (MoJ) decides whether or not to keep the artwork.

It seems unlikely that the owners of the prison will insist that the art be taken down, but it is possible.

The Justice Department was looking to sell the building and an original Banksy may well raise the price.

This, in turn, could be bad news for activists looking to take control of the building and turn it into an arts hub.

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Zoopla’s research shows that the biggest effect on the property took place in Nottingham, where Banksy produced a design titled “Girl hula-hooping”.

The impact on sales has been enormous, with houses selling 1,401% more than the average price of around £ 178,000 in surrounding areas.

Another work of art, the charming ‘well hung lover’, has appeared in Frogmore Street in Bristol.

This saw homes selling for over £ 1.2million, up from an average of £ 305,089, an increase of 320%.

A work called “Tox” on Jeffery Street in London saw a more modest increase of 22%.

The smallest increase is likely due to the fact that the average house price in the area was already around £ 1million.

Zoopla’s research shows that property prices in an area where there is a Banksy typically double.

About Mary Moser

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