Online estate agency Tepilo looks at the rising influence of farmers’ markets and their positive effect on average property prices.
Good news for property sellers with a home near to a farmers’ market – you can expect your home to fetch £87,000 more than surrounding areas not located close to this trendiest of trendy things.
Research carried out by property website Zoopla has revealed that properties near popular farmers’ markets command an average of £87,180, or 26%, more than prices in the wider county area.
Sellers in plush Marylebone, St Albans in Hertfordshire and Altrincham in Greater Manchester benefit the most from being close to an in-demand farmers’ market, with these areas commanding especially high premiums.
What’s all the fuss about, though? What is a farmers’ market and why are they proving such a boon to sellers? Typically held on Saturdays and Sundays, farmers’ markets are held across the country, selling artisan, fresh, seasonal and locally produced food sourced directly from small, sustainable, local and organic farms. In some cases they pop up every weekend from scratch, in others they take over existing marketplaces and turn them into farmers’ markets for the day.
London has too many to mention, and they are also popular in Hampshire, Kent, Berkshire, Somerset, Gloucestershire, Merseyside, Greater Manchester and pretty much every other county in England. They are also commonplace in Scotland (since first being introduced in the 1990s), Wales and Northern Ireland.
In recent years, farmers’ markets have become as popular as binge-watching boxsets, taking selfies and eating avocado on toast. They also seem to share similarities with the oft-talked about ‘Waitrose effect’ when it comes to property prices – a hallmark of quality, community and family-friendliness.
The appeal of a nearby farmers’ market is obvious. Fresh, local, seasonal and award-winning fare on offer on your doorstep, a chance to support local farmers, an opportunity for consumers to get their food from more sustainable, ethical sources (lowering their food-based carbon footprint into the bargain), and a way of experiencing a more authentic shopping experience.
The impact on house prices, too, is pretty dramatic. A home near Altrincham’s popular farmers’ market, for example, is valued at £274,928 more than the average price in the rest of Greater Manchester. This is only bettered by Marylebone, where a home near Marylebone Farmers’ Market is worth £656,223 more than the average price in the wider area. That said, we’re talking about prime central London here, so the average price is still an eye-watering £1,319,571.
As well as the top three of Marylebone, Altrincham and St Albans, homes nears Morningside Farmers' Market, Stockbridge Market and Edinburgh Farmers’ Market – all in Midlothian, Scotland - also command high premiums, as do homes in Cambridge Market Square in Cambridgeshire, Green Park Station Market in Somerset , Otley Market in West Yorkshire and Winchester Farmers’ Market in Hampshire.
Of course, the presence of a farmers’ market alone does not drive house price growth in any given area. There are all sorts of other reasons and variables. It does, however, help to make a local area more appealing – as a foodie destination, one that is ideal for families with young children and as an area that is up-and-coming or already desirable.
It’s unlikely that buyers will be specifically factoring in the presence of a nearby farmers’ market as a key selling point, but it certainly won’t harm your chances if you can point out that your property is close to one.
Zoopla’s data also shows in clear detail the positive uplift living close to one can give to your property. As we mentioned before, this is not dissimilar to the ‘Waitrose effect’. It’s long been known that properties close to a Waitrose command higher house prices, but research conducted by Lloyds Bank last year confirmed this phenomenon. Its study found that living near to the upmarket supermarket potentially added almost £40,000 to the value of a home.
What’s more, living close to any supermarket chain could add approximately £22,000 to the value of a property. One of our recent blog posts highlighted just how important the presence of a local supermarket is, with 49% of buyers keen on a major retailer nearby. It is, in many cases, a key selling point and the most sought-after local amenity.
While farmers’ markets can’t really be categorised as a vital, must-have local amenity, they certainly have considerable appeal and, as a seller, you should have no qualms about using the presence of one to boost your chances of impressing buyers.
First it was the Coffee Index, then came the Waitrose effect, maybe soon the ‘Farmers’ Market phenomenon’ will become a phrase synonymous rising property prices.