They are loved by the chattering classes but now it seems that farmers market are the latest property price premium indicator with research showing homes near popular ones are on average 26% more expensive.
The so called farmer’s market effect is most pronounced in Marylebone in London, Altrincham in Manchester and St Albans in Hertfordshire while properties near Macclesfield’s Treacle Market in Cheshire have increased the most in value over the last year with a rise of 8%.
The research from property portal Zoopla, which compared the average property values in the neighbourhoods of some of Britain’s most highly rated farmers markets to the property prices in the county as a whole, shows that the market effect has seen properties valued at £87,180 more on average.
Properties near the Marylebone Farmers Market in London were valued on average at 201% more than the average Greater London home, which is currently worth £656,223, followed by homes near Altrincham Market at 148% or £274,928 higher than the rest of the county of Greater Manchester.
Figures also reveal that in Edinburgh is a particular hotspot with three of the most popular farmers markets featuring in the top 10 for the biggest price differences, Morningside Farmers Market, Stockbridge Market and Edinburgh Farmers Market in the city centre in fourth, fifth and ninth, with properties neighbouring the markets valued at 124%, 98% and 48% more than average.
Looking at the farmers market locations which have seen the biggest property value rises over the past 12 months, properties in close proximity to Macclesfield’s Treacle Market in Cheshire recorded the biggest rise, with the average home in the area increasing by an average of 8% or £18,935 in the last year.
This is closely followed by Perth Farmers Market in Perth and Kincross and Shoreham Farmers Market in West Sussex, both with an average increase of 7%.
The research also found that while average property in London may be more expensive than the rest of Britain, prices in the capital’s farmer’s market neighbourhoods have risen at a slower rate over the past year. 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.
‘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,’ said Lawrence Hall, spokesperson for Zoopla.
