The surprising property price premium to live near a brewery!
Living close to a brewery could add a 15% premium to your property’s price tag, according to research by eMoov.
The estate agent looked at the property value surrounding of some of the best breweries in each region of the UK and how they compare to the wider area.
And the results showed a 15% property price hike ‘in favour of beer’.
The brewery factor
The average property price in areas with a brewery in the vicinity sits at £432,536, while the average price across all the wider areas only amounts to £383,061.
Below are the top five places where you’ll pay a ‘brewery premium’.
The Navigation Brewery: Nottingham, NG2
House Price Difference to Wider Area: +33.6%
Topping the list for the most premium price tag are neighbours of the Navigation Brewery in Nottingham’s NG2 at 33.6% above the city’s average of £192,812.
Ouseburn Valley Brewery: Newcastle upon Tyne, NE3
House Price Difference to Wider Area: +27.4%
Going up to the North East in Newcastle upon Tyne is Ouseburn Valley Brewery), where the average property goes for £253,227, up 27.4% from the city’s average price of £198,636.
Tiny Rebel: Newport, NP10
House Price Difference to Wider Area: +26.8%
Next up is Tiny Rebel in the Welsh city of Newport, where property prices surrounding the brewery average £210,437, 26.8% more expensive than the city’s average of £165,854.
Hog’s Back Brewery: Farnham, GU10
House Price Difference to Wider Area: +20.7%
The South East’s Hog’s Back Brewery in Farnham enjoys a 20.7% higher average price of £683,905, up from the greater area that has an average property value of £566,469.
One Mile End: Tower Hamlets, E1
House Price Difference to Wider Area: +14.1%
Breweries are hardly a new concept in East London’s E1, which was home to the Truman Brewery on Brick Lane for several decades and was revered as one of the largest breweries in the world. Although the building itself is still erect for events, the beer making facilities are now based in Hackney Wick. However, E1 continues to keep the local brew-making tradition alive with One Mile End, based in Whitechapel. The property values in E1 have a 14.1% head start averaging £596,859 from £522,730 in the whole of Tower Hamlet’s.
Yorkshire and the Humber’s Blacksheep Brewery in HG4 enjoys a premium in property prices of 12.3%, trailed by South London’s Bullfinch Brewery in SE24 (11.7%), Scotland’s Swannay Brewery in KW17 (11.6%) and Brewsmith Beer in the North West’s BL0 (10.7%).
CEO of Emoov.co.uk, Russell Quirk, said: “When looking to sell a home it’s normal for price expectations to be based on factors external to the property itself. A good school, green space, convenient amenities and transport links can all add value, but so to can the close proximity of a brewery it seems.
“While living a stone’s throw from a brewery will certainly have come in handy for St Patrick’s Day, using it as a highlight when selling your property may restrict your property’s appeal to a niche group of buyers.”