Location is invariably at the top of the list when it comes to finding our dream property.
And while living within easy reach of transport links, a pretty high street, good schools and supermarkets are all key considerations a leading pub chain could actually hold the key finding a perfectly priced property.
New research conducted by Mojo Mortgages has revealed that there’s a ‘The Wetherspoons Effect’ when it comes to the UK’s housing market, with property within walking distance of a branch of this popular watering hole coming in at 27 per cent (over £70,000) cheaper than the local average.
More substantial cost savings were found in other areas, with Halifax topping the list. Here average values are £151,085, but properties in the same area near a Wetherspoons average at just £45,000, a whopping saving of 70 per cent.
The top ten was completed by the following areas:
2. Rhyl (£136,675 vs £43,200 — 68 per cent saving)
3. Kidderminster (£187,129 vs £59,000 — 68 per cent saving)
4. Walsall (£170,495 vs £58,200 — 66 per cent saving)
5. Preston (£165,687 vs £56,600 — 66 per cent saving)
6. Barrow (£146,806 vs £55,600 — 62 per cent saving)
7. Middlesborough (£137,637 vs £52,600 — 62 per cent saving)
8. Bolton (£161,691 vs £62,600 — 61 per cent saving)
9. Rugby (£259,622 vs £102,200 — 61 per cent saving)
10. Stockport (£230,468 vs £92,000 — 60 per cent saving)
And while the analysis showed that ‘The Weatherspoons Effect’ was prevalent in the North, other areas bucked this trend, seeing properties near a Wetherspoons actually turning out to be more expensive than average.
Unsurprisingly some of the biggest gulfs were seen in the capital, with properties in Cricklewood in north-west London topping the list. Here properties near a Wetherspoons are 88 per cent higher than average property prices in the same area (£593,454 vs £1.118 million).
Commenting, Mojo Mortgages’ Director of Digital, Andrew Gorry said:
‘With everyone aware of the Waitrose effect, we wondered whether any other ‘effects’ existed in the housing world in Britain. Although Wetherspoons is certainly a part of Britain’s thriving pub culture, we were curious to see whether there was a pattern between house prices and distance from one of their pubs.
‘With most Wetherspoons in inner city/town areas, it’s unsurprising to see that in the majority of places, houses sold near a Wetherspoons are cheaper than the local average price. More than anything else, this provides an interesting alternative perspective on house valuations.’
Would you consider making your home near a Wetherspoons?