LIVING in walking distance to a Wetherspoon pub or McDonald’s restaurant knocks up to £70,000 off the value of your home, according to new research.
It’s the opposite to the “Waitrose effect” that boosts house prices by £21,000 if they’re near the posh supermarket.
Living near a Wetherspoon or McDonalds can knock thousands off the value of your home
The cost of convenience has been calculated by brokers Mojo Mortgages who looked at average sale prices in the area compared to those nearest Wetherspoon or McDonald’s branches.
Over the past 12 months, house sale prices dropped by £70,000 – or 27 per cent – on average out of the 184 locations it looked at.
Of course, the study didn’t take into account other factors that affect house prices such as highly rates schools and crime rates.
Up to 86 per cent of properties close to a Wetherspoon saw a drop in value and in 28 locations, homes sold for half the price of those who lived further away.
Homeowners in Halifax see house prices drop by 70 per cent if they’re close to a ‘Spoons
Homeowners in Halifax were hit the hardest where living near a Wetherspoon slashed the value of their home by 70 per cent, and selling for £106,085 less than those in the area.
In Rhyl and Kidderminster house prices dropped by 63 per cent, knocking £93,475 and £127,629 respectively off the true value of the home.
Living within walking distance to a Maccies slashed house prices in nine out of 10 areas by 25 per cent.
Once again, house prices in Halifax suffered the most, with prices being cut by 73 per cent when they’re close to a McDonald’s branch.
Grimsby properties with a branch of the fast food chain nearby saw a 72 percent drop in value, equal to £89,882.
House prices near a McDonald’s in Doncaster increase by 50 per cent
Meanwhile, those in one of the most expensive areas in London, Chelsea, saw a 71 per cent price difference – the same as a whopping £1,551,012.
However, having a Wetherspoon pub nearby actually boosts house prices in 24 locations in the study by as much as 88 per cent.
In Cricklewood, North London, houses near the The Beaten Docket Wetherspoon were 88 per cent more expensive than the local average of £593,454.
Property prices also grew in Newcastle and Cambridge by 66 per cent and 50 per cent more than the local average.
McDonald’s branches could also boost house prices by up to 50 per cent in Doncaster and 43 per cent in Marylebone, London.
Andrew Gorry, director of digital at Mojo Mortgages, described the “Wetherspoon effect” as “unsurprising” as many branches are in inner cities and towns where prices vary anyway.
Wetherspoon spokesman Eddie Gershon said: “Wetherspoon run excellent pubs and have an outstanding reputation for converting derelict buildings into its pubs.
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“Maybe the company behind the research could do a further survey to see how much house prices are worth next to derelict buildings before they are completely restored by Wetherspoon.”
The Sun contacted McDonald’s for comment.
Wetherspoon charges punters up to £3 more for a burger and a pint depending on where you live … and the most expensive branch isn’t even in London.
Prices at Wetherspoons can vary by up to 60 per cent based on where you drink, even if the pubs are just a few hundred meters apart.
Meanwhile, McDonald’s varies Big Mac meal prices by up to 40p depending on what part of the country you place your order.
Wetherspoon is selling 16 of its pubs – is your local one of them?
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