PROPERTY PRICES in a West Yorkshire town have risen by more than 50 per cent because buyers are attracted by its farmers’ market, it was claimed today.
Otley, whose town square becomes a showroom for farmers’ produce on the last Sunday of each month, was placed eighth on a list of ten British towns where property hunters are most likely to pay a “fresh fruit and veg” premium.
The property website Zoopla said house prices there were £94,000 higher - some 52 per cent - than West Yorkshire as a whole.
Nationally, home-buyers can expect to pay an £87,000 premium for a property near a farmers’ market, the website found.
Homes near such markets in Marylebone in London, Altrincham in Greater Manchester and St Albans in Hertfordshire command particularly high premiums.
A home near Altrincham Market is valued by Zoopla at £274,928 more typically than one in the rest of Greater Manchester.
Midlothian in Scotland was home to three areas in the top 10 with particularly big price differences.
With fresh, seasonal produce and artisan breads and cakes, farmers’ markets can bring a taste of the countryside to city living.
While there may also be other factors driving house prices in a local area, the presence of a farmers’ market could potentially add to its vibrancy and appeal as a foodie destination.
Zoopla spokesman Lawrence Hall 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 indicated that living near a supermarket could also boost the value of a property.
A study from Lloyds Bank found the “Waitrose effect” of living near that supermarket could potentially add nearly £40,000 to the value of a home, and that living near another supermarket chain could add around £22,000.
Perhaps not coincidentally, Otley boasts a branch of Waitrose 350 yards from its Market Square, with a Sainsbury’s a similar distance away.
Here are the 10 areas with the biggest premiums to live near a farmers’ market, according to Zoopla, with the average property price near a particular market followed by the average house price in the county and the difference in cash and percentage terms:
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, 79.8%
8. Otley Market, LS21, West Yorkshire, £273,625, £179,421, £94,204, 52.5%
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%