Research from the homebuying platform, YesHomebuyers, has found that while we love a trip to the pub, too many of them can hurt house prices.
Many of us have enjoyed a return to the pub in recent weeks, despite yet another lockdown extension meaning it still has to be done in a restricted format.
However, Yes Homebuyers analysed property market data based on the number of pubs in each local authority and found that having too many options for a swift pint on your doorstep could be detrimental to the value of your home.
In local authorities with an estimated 1 to 150 pubs, property prices averaged £289,479. This then fell by -9% to £263,041 in areas with 151 to 300 pubs and further again to £253,808 in areas with 301 to 450 pubs – a drop of -4%.
The research shows in local authorities with 451 or more pubs, the average house price fell by a further -6% to £238,163, an -18% gap between those local authorities with the most and least pubs.
So if you’re a big fan of the pub then you could find they make for a more affordable property purchase, but this isn’t always the case. Yes Homebuyers looked at pub availability and house prices across each major UK city and found that with 4,366, London is home to the most pubs. However, with an average price of £500,310, it’s also the most expensive place to buy a property.
The good news is that Leeds (£212k), Birmingham (£207k), Bradford (£155k), Liverpool (£157k), Glasgow (£150k), Manchester (£211k) and Sheffield all rank within the top 10 for most pubs with between 300 and 600, while also offering a below average house price.
Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented: “For most, the presence of at least one good pub in the local area can be a sought after social requirement when house hunting. However, it’s understandable that too many pubs might put some homebuyers off due to higher levels of noise pollution, footfall and the other negatives associated with our drinking culture.
It certainly seems to have an impact when it comes to house prices and the volume of public houses in the local vicinity, with areas home to more pubs commanding a lower property price on average.
This may be due to the decline in the popularity of the Great British pub in recent years and so those who are looking to sell having bought back in the public house hay-day might find homebuyer sentiments have changed.
As with any house sale, the initial key to attracting buyers is to price appropriately based on current market conditions. At Yes Homebuyers we love the pub, so we’re always happy to discuss a purchase of a pub adjacent property and see if we can help you sell your home fast. At the very least, we can help you ascertain the value of your home and point you in the right direction if a quick sale platform isn’t it.”