While many are turning to takeaways during the coronavirus lockdown, it might not pay to live near fast food chains after all. In areas with 100 takeaways for every 100,000 people living there, the average property price stands at around £212, 606. When the number of takeaways per 100,000 people dropped to between 80 and 100, the average property price climbed by 23 percent.
In areas with an even lower density of takeaways of between 60 and 80 per 100,000 people, property prices averaged out at £332,389 – up by a further 25 percent.
Property prices climbed a further three percent in areas with 40 to 60 takeaways and another 11 percent in areas within the lowest threshold of takeaways of 40 or less per 100,000 people.
It is at this lowest number where property prices averaged at £378,855 – a meaty 75 percent higher.
Colby Short, founder and CEO of GetAgent, said: “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.
“While takeaways do attract late-night crowds you’re unlikely to see your personal property purchase directly impacted unless you live right next door.”
Though many estate agents have rushed to make virtual tours of empty properties to facilitate a continued flow of house purchasing, it hasn’t been effective.
According to property website Zoopla, close to 400,000 house sales have been put on hold as the UK enters its sixth week of lockdown.
Around 373,000 sales have been postponed, the majority of which were agreed between November 2019 and March this year.
RightMove’s Miles Shipside said the property market could remain buoyant in recession.
He added economists have forecast a V-shaped downturn that would see a recession dip before quickly climbing back up.
He said: “The vast majority of economists say this looks like a V-shaped downturn.”
Rightmove said last week keen buyers were making offers based on virtual viewings of properties.
Builders have also reported sales being agreed.
According to property website Zoopla, house prices could plummet by as much as 60 percent in the second quarter of the year compared with figures in the same months last year.
Savills Estate Agents has estimated that a longer downturn could lead to a tenth being knocked-off the average property price.
But if the economy has a sharper, shorter shock, then they could drop by five percent this year.
Published at Thu, 30 Apr 2020 23:01:00 +0000