Farmers markets, as incredible as it sounds, are believed to be the latest property price premium indicator, with Zoopla research showing that homes near popular markets are 26% more expensive.
The strongest supporters of this theory are Marylebone in London, Altrincham in Manchester and St Albans in Hertfordshire. Properties in other places, like those near Macclesfield’s Treacle Market in Cheshire have also seen a drastic increase in prices.
Manchester squeezes past London with strongest annual house price growth
Zoopla compared the average property values in the close surroundings of some of Britain’s most popular farmers markets with the property prices throughout the country as a whole and revealed that proximity to a popular market bumped up prices by an average of £87,180.
Homes near Marylebone Farmers Market in London were on average 201% pricier that the median London house. For properties located close to Altrincham Market in Greater Manchester, prices saw an increase of 148% compared to the region’s average.
Another big winner was Edinburgh, with three of the city’s farmers markets featuring in the top ten for biggest price difference. Morningside Farmers Market came in fourth, Stockbridge Market came in fifth and the city centre’s Edinburgh Farmers Market came in ninth.
In addition, the research also found that, whilst average property in London is more expensive than the rest of Britain, prices in the areas surrounding one of the capital’s farmers markets have seen a slower increase over recent years.
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West Hampstead Farmers Market, Borough Market, Bermondsey Market and Marylebone Farmers Market are all in the bottom 10 for growth. Values fell by 1.86% near Borough Market, by 0.9% near Bermondsey Market and rose by just 1.2% near Marylebone market.
Lawrence Hall, spokesperson for Zoopla, said:
“Whilst the majority of home movers do not specifically factor in proximity to a farmers market as core to their property search criteria, the data shows the positive impact living near one can have on property prices.”
