Properties near a popular farmers markets are worth £87,000 more than the county average
New data shows the financial benefit of living near a farmers market
PROPERTY prices near highly-rated farmers markets are worth 26 per cent (£87,000) more than the county average, new data shows.
The "farmers market effect" is most prominent in London's Marleybone, in Altrincham in Greater Manchester and in St Albans in Hertfordshire.
Property prices in these areas command high premiums thanks to their close proximity to farmers markets, claims online property portal Zoopla.
It found that London’s Marylebone tops the table for the biggest price difference, with properties located near Marylebone farmers market valued at an average 201 per cent (£1,319,571) more than the typical Greater London home, which is currently worth £656,223.
Houses near Altrincham market in Greater Manchester are 148 per cent (£274,928) higher than in the rest of the county.
Living close to a market selling fresh and local produce has also boosted property prices in the Scottish county of Midlothian, which is home to three of the UK's most popular markets.
Morningside farmers market, Stockbridge market and Edinburgh farmers market place fourth, fifth and ninth in the top 10 list of biggest price differences, 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.
With fresh, seasonal produce and artisan breads and cakes, farmers markets bring a taste of rural living to the city.
While there are likely other factors driving house prices in a local area, the presence of a farmers' market could potentially add to its appeal as an affluent foodie destination.
Looking at the farmers market locations which have seen the biggest property value rises over the past 12 months, homes in close proximity to Macclesfield’s Treacle market in Cheshire experienced the biggest price 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 in Perth and Kincross and Shoreham farmers market in West Sussex, both with an average increase of seven per cent.
Lawrence Hall of 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.”
Previous research has also indicated that living near a supermarket could boost the value of a property.
Last year, a study from Lloyds Bank found the "Waitrose effect" of living near the supermarket could potentially add nearly £40,000 to the value of a home.
Even living near an Aldi could boost property values in an area, with a study by My Home Move revealing that houses with a branch of the budget supermarket on their doorsteps have seen their values rise by £5,000 within three months of the stores opening.
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