The Farmers' Market effect
Every weekend across Wales you will find a number of farmers’ markets, each offering a delicious selection of local produce, artisan, fresh, and seasonal foods. Our quest to eat healthier and know where our food has come from, as well as a desire to support local businesses, means that people wanting to live close to a farmers’ market is now a real trend, so much so that it could add value to your property.
According to research undertaken by the property portal Zoopla, a property close to a popular farmers’ market can benefit from a price increase. In fact, they found that in some specific areas of the UK homes were commanding on average 26% more than those in the wider region.
We have to be realistic, though; at present we are not finding buyers actually cite living close to a farmers’ market as a key selling point. However, there has definitely been a surge in the popularity of this kind of lifestyle, with people often taking selfies of themselves buying and eating a range of products. There is no doubt that food festivals are helping to drive this trend; when it launched in 1999 the Abergavenny Food Festival welcomed approximately 3,000 people, it now sees over 30,000 people attending to celebrate both local and international food and drink.
A farmers’ market in an area has an effect that could be described as similar to the ‘Waitrose effect’. Waitrose is known for the quality of its produce and, just like its sister company, John Lewis, it serves as a hallmark for great customer service. The Waitrose effect has been highly documented, and research undertaken by Lloyds Bank last year proved that properties close to a Waitrose could command a higher sales price. In fact, their study found that it could potentially increase some properties by almost £40,000.
What this shows is the value that people place on the community that they are buying into, and not on just the property itself. Where a property is located is extremely important to buyers, as are the amenities and facilities close by. Our lives can be so fast-paced now that we find many buyers are looking to have certain things close to hand. This can be more than just a store; being close to a gym, or other facilities, frequently crops up on buyers’ wish lists today.
When we come to value your property we’re not just there to look at the bricks and mortar; we also want to learn about your relationship with your property. What attracted you to it in the first place? What do you love about it now? What has changed whilst you have been living there? The more we learn about what it’s like to live in your property, the more we are able to target buyers that we feel would be the perfect fit. All buyers are different, and what may appeal to one might be a turn off for another.
Reminding your estate agent that you live near a farmers’ market may not necessarily add value to your home, but it could make the area more appealing to a wider selection of buyers.
What is the current value of your home?
The property market changes constantly, therefore your last valuation may now be out of date. Call us today, and we can help you move.