Are takeaways hurting house prices?
The latest research by estate agent comparison site, GetAgent.co.uk, has found that areas with a lower density of takeaways are home to house prices as much as 75% higher than areas with a larger number.
With many of us turning to takeaways during the lockdown as the next best thing to eating out, a high volume of takeaways may well be smiled upon, however, research shows you may not be smiling if you’re a homeowner.
GetAgent looked at the total number of takeaways in local authorities across England and the density based on the number of takeaways per 100,000 of the population. The firm then looked at the average house prices across these local authorities at certain takeaway thresholds.
The research shows that in the highest threshold, areas with over 100 takeaways for every 100,000 people living there, the average property price sits at a lukewarm £216,606.
This then climbed 23% to an average property price of £266,818 as the number of takeaways per 100,000 people dropped to between 80+ and 100.
In areas where there was an even lower density of takeaways of between 60+ and 80 per 100,000 people, the average price of a property increased a further 25% to £332,389.
Property prices climbed a further 3% in areas with 40+ to 60 takeaways per 100k people and again by another 11% in areas within the lowest threshold of takeaways of 40 or less per 100k people. In this lowest threshold property prices averaged a meaty £378,855, 75% more than in the sample of areas home to the highest number of takeaways per population of 100k.
Founder and CEO of GetAgent.co.uk, Colby Short, commented: “As a nation, we love a takeaway, but it seems as though a high number of takeaways results in a lower price secured for your property.
“There are, of course, two ways of looking at this. A high number of fast-food outlets is denting the price you might be able to secure for your home. Or, you can get on the ladder for a lot less money in areas where you’re surrounded by your favourite takeaway options. So there is a silver lining for some.
“But fear not, while takeaways do attract late-night crowds your unlikely to see your personal property purchase directly impacted unless you live right next door. This difference in price will be down to much wider influences from the area as a whole, as well as geographical factors. In fact, if you live nearby to a particularly good take away, you can even flip it on its head and use it as a selling point for potential buyers.”