The Farmers Market Effect
Property prices near popular farmers markets are on average 26 per cent more expensive than wider county
‘Farmers market effect’ most pronounced in Marylebone (London), Altrincham (Manchester) and St Albans (Hertfordshire)
Properties near Macclesfield’s Treacle Market (Cheshire) have increased the most in value over the last year (eight per cent)
Properties located close to a popular farmers market could be worth up to 26 per cent more than the average home in the same county, according to Zoopla. Data shows that living in close proximity to a weekly supply of organic vegetables and artisan bread can come at a price, with properties near some of Britain’s most popular farmers markets valued at £87,180 more on average than those in the wider county area.
Zoopla 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. London’s prestigious Marylebone tops the table for the biggest price difference, with properties located a stone’s throw from Marylebone Farmers Market (W11) valued on average at 201 per cent (£1,319,571) more than the average Greater London home, which is currently worth £656,223. Housing stock near Altrincham Market (WA14) in Greater Manchester comes in second, where the average property is 148 per cent (£274,928) higher than the rest of the county of Greater Manchester.
Figures also reveal that the Scottish county of Midlothian is a particular hotspot for the ‘farmers market effect’, with three of the county’s most popular farmers markets featuring in the top 10 for the biggest price differences. Morningside Farmers Market (EH10), Stockbridge Market (EH3) and Edinburgh Farmers Market (EH1) place fourth, fifth and ninth, with properties neighbouring the markets valued at 124 per cent, 98 per cent, 48 per cent more than the Midlothian county average (£192,914) respectively.
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 (SK11) in Cheshire experienced the biggest rise, with the average home in the area increasing by an average of eight per cent (£18,935) in the last year. This is closely followed by Perth Farmers Market (PH1) in Perth and Kincross and Shoreham Farmers Market (BN43) in West Sussex, both with an average increase of seven per cent.
The average property in London may be more expensive than the rest of Britain, but prices in the capital’s farmers market neighbourhoods have risen at a slower rate over the past year. West Hampstead Farmers Market (NW6), Borough Market (SE1), Bermondsey Market (SE1) and Marylebone Farmers Market (W11) are all in the bottom 10 for growth, with three out of the four neighbourhoods declining in value over the last 12 months by -1.86 per cent and -0.93 per cent (for both Borough Market and Bermondsey) respectively, while Marylebone Farmers Market has grown by 1.20 per cent.
Lawrence Hall, spokesperson for Zoopla comments: “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.”
Top 10 farmers markets (average property value difference vs. county area)
Rank | Market name | Outcode | County area | Outcode value (Feb 2017) | County area value (Feb 2017) | Difference (£) | Difference (%) |
|---|---|---|---|---|---|---|---|
1 | Marylebone Farmers Market | W11 | London | £1,975,794 | £656,223 | £1,319,571 | 201.09% |
2 | Altrincham Market | WA14 | Greater Manchester | £460,088 | £185,160 | £274,928 | 148.48% |
3 | St Albans Farmers Market | AL3 | Hertfordshire | £619,583 | £261,339 | £358,244 | 137.08% |
4 | Morningside Farmers Market | EH10 | Midlothian | £432,701 | £192,914 | £239,787 | 124.30% |
5 | Stockbridge Market | EH3 | Midlothian | £382,020 | £192,914 | £189,106 | 98.03% |
6 | Cambridge Market Square | CB2 | Cambridgeshire | £626,655 | £343,698 | £282,957 | 82.33% |
7 | Green Park Station Market | BA1 | Somerset | £471,521 | £262,245 | £209,276 | 79.80% |
8 | Otley Market | LS21 | West Yorkshire | £273,625 | £179,421 | £94,204 | 52.50% |
9 | Edinburgh Farmers Market | EH1 | Midlothian | £286,874 | £192,914 | £93,960 | 48.71% |
10 | Winchester Farmers Market | SO23 | Hampshire | £502,766 | £353,474 | £149,292 | 42.24% |
Top 10 farmers markets (average property price growth in 12 months)
Rank | Market | Outcode | Outcode value (Feb 2017) | Outcode value (Feb 2016) | Difference (£) | Difference (%) |
|---|---|---|---|---|---|---|
1 | Treacle Market | SK11 | £244,011 | £225,076 | £18,935 | 8.41% |
2 | Perth Farmers Market | PH1 | £164,042 | £153,624 | £10,418 | 6.78% |
3 | Shoreham Farmers Market | BN43 | £368,758 | £345,939 | £22,819 | 6.59% |
4 | Thames Ditton Farmers Market | KT7 | £781,268 | £733,674 | £47,594 | 6.49% |
5 | Winslow Farmers Market | MK18 | £389,682 | £366,221 | £23,461 | 6.41% |
6 | Whitstable Farmers Market | CT5 | £355,651 | £334,863 | £20,788 | 6.21% |
7 | Nayland Farmers Market | CO6 | £411,943 | £387,991 | £23,952 | 6.17% |
8 | Ludlow Market | SY8 | £271,494 | £255,821 | £15,673 | 6.13% |
9 | Bury St Edmunds Market | IP33 | £304,105 | £286,615 | £17,490 | 6.10% |
10 | The Frome Independent Market | BA11 | £285,799 | £269,581 | £16,218 | 6.02% |
Source: Zoopla, February 2017
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