‘Marks & Spencer effect’ pushes property prices up 15%

Analysis by estate agent Emoov indicates that the mere presence of a Marks & Spencer nearby can have an outsized impact on real estate prices. In most places, residential properties with a nearby Marks and & Spencer are about 15 percent more than comparable properties further away, but in London that difference can grow to 36 percent. Home buyers care a lot about the presence of nearby amenities, including high-end retail, and the presence of stores like Marks & Spencer’s can both reflect a higher level of disposable income in the community and also stimulate economic activity.

Key Takeaways:

  • The exectuive at eMoove, Russell Quirk, claims that there is a direct correlation between high housing prices and high retail prices.
  • The experts at eMoove warn UK consumers that 100 Marks & Spencer will probably be closed within the next four years.
  • Since buyers want amenities nearby, prices in both the retail and housing markets rise together.

“In London, the price gap is even more marked, with homes close to a Marks & Spencer in the capital typically commanding 36% more than the wider area, but this can be much higher.”

Read more: https://www.moneywise.co.uk/news/2018-07-10/marks-spencer-effect-pushes-property-prices-15

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