Deliveroo and other food delivery apps have revolutionized the way we eat. Food delivery services also made lockdown more bearable for those who have access to the apps. Now it turns out that living in a Deliveroo hotspot adds value to your home – to the tune of tens of thousands.
While seeking quality property advice is essential for selling your home at a good price, brand-new research by property portal Boomin has found that living in an area with a wide choice of restaurants and takeaway options is very important to buyers. Mind, not all restaurant types have an equally boosting effect on house prices.
The restaurant that adds the most value to your home
Good old Wagamama! Having this family-friendly chain restaurant close to where you live was shown to add as much as £30,887 to a house value. However, if you really want to maximize the ‘Deliveroo effect’ when selling your house, you want to be as close as possible to as many upmarket burger chains as possible.
Living close to a Byron Burger will add £33,132 to your house value, while the reliable favourite Gourmet Burger Kitchen will comfortably increase your house price by £27,274. The Caribbean chain Turtle Bay was also found to be highly desirable, adding over £31,000 to the value of a house.
Good-quality, affordable chain restaurants lead the way where it comes to having this house price boosting effect. Fried chicken joints? Less so. Living next to a KFC will add less than half the amount of value a Wagamama will, at around £13,000. A Roosters Piri Piri will add around £15,000. It seems that there’s a combination of people favouring healthier food options and a desire to live to more upmarket restaurants.
‘Within just the last 5 years, what buyers are looking for in a home has changed drastically. Choice seems to be leading the way, with owners wanting more things to do, to see and evidentially, to put on their plates,’ says Michael Bruce, CEO and Founder of Boomin.
‘Living in a location with good restaurants adds to the general ‘feel’ of an area, so much like certain supermarkets adding value to a home, it’s no surprise that particular restaurant brands have the same power to influence prices too.’
Michael emphasises that this trend of buyers favouring more eating out choices is set to grow. ‘What was surprising was just how much an effect Deliveroo, and having a good amount of choice on the app, has changed things.’
‘Deliveries were essential during the pandemic, and the knock-on effect has been beneficial for homeowners living in areas with more variety. As we become more reliant on speedy deliveries and having a whole host of choices at our fingertips, I can only see this value rising further in the future.’