Premier League football is proving to be a huge boost for local economies, attracting both visitors from overseas and rapidly increasing the value of property near football grounds in the top flight.

House prices near Premier League clubs have, on average, more than doubled in value over the past decade, according to the Halifax Bank.

The average property price in the postal districts of the Premier League’s 20 teams has increased by 135 per cent, from £136,000 in 2003 to £319,800 in 2013, with the biggest increase coming in the district closest to Manchester City, where there has been a 259 per cent rise in house value over 10 years.

The rise is more than double that seen across the rest of England and Wales over the decade.

There's also evidence that having a Premiership club in the area can help to attract students for universities.

Swansea University has seen a surge in applications since the Swan’s promotion to the Premier League and this season the university is entering into an agreement with the club that includes television and match programme advertising.

For Cardiff University, the number of applications from Malaysia for 2013 are up 36 per cent, likely due in part to Cardiff City’s new Malaysian owner, Vincent Tan.

Football has also been a proven catalyst for regeneration. The area around Liverpool Football Club is currently subject to a £260m project that will include a 15,000-seat stadium expansion in addition to the construction of a new primary school, health centre, 250 new homes and a 100-room hotel in the area, as well as a new business hub.