The popular belief that homes in close proximity to shops inevitably pushes up the rent is being challenged by new research.
The budgeting website Thinkmoney has analysed the average price and rent of homes within the postal district of the 33 largest shopping centres in the UK.
It’s compared the average price of properties and rent within the town or city the shopping centre is located, to reveal how much property prices could be impacted.
To the surprise of some, rent was shown to have decreased around £171 for homes very close to the largest shopping centres.
For example, the average rent near Westfield in west London is £1,863 - a drop of £505 pcm on the average rent in the W12 west London postcode.
Likewise renters around Brent Cross shopping centre pay an average of £451 less per month than those who live in the rest of the area.
It’s not just a London phenomenon - in Newcastle rent around the Metrocentre is £310 cheaper per month than other places to rent in Gateshead.
Robert Burdett of James Leigh Property Management says: “There is a clear link between shopping centres and house price values, but it isn’t as simple as the closer you are the more valuable property becomes.
“House prices can be up to five per cent higher where there is easy access to a decent shopping centre, but this effect is not necessarily in the immediate vicinity, where areas tend to be more commercial, traffic can be heavy, and homes, generally speaking, are less desirable to the demographic that is likely to visit the shopping centre.
“That said, shopping centres employ hundreds, if not thousands of people, many on fairly low wages, so there is a requirement for homes that are accessible to this group, which creates a need for quality, affordable homes.
“These could be rental properties or high-density housing where values are lower, but competition can be fierce. Having said this, the impact of shopping centres on house prices has been mitigated somewhat by Covid, and other factors like the lack of available property for sale and the stamp duty holiday.”
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With the inevitable rise of online who needs shops ?
We need Shops with on-line there won’t be jobs or business Rates left, on-line is not for everyone or every thing like say buying Clothes or Shoes, we can’t be sending things back all the time given our lives have already been taken over with red tape and regulations, even to make a phone call now is 30 / 45 minutes hanging on listening to music and stupid pre-recorded messages, we were far more advanced in the ‘60’s when you either got through or engaged tone no customer time wasting and call completed in 3 minutes flat. Just a couple of more things for our Colleague Jim, could add to LL’s list of imposed disadvantages like a special capital gains tax surcharge for LL’s but likely to increase even more to prevent him getting out, they need to keep him there to be able to screw him in the future, on the other hand he can leave but screw him on the way out, no Index linking or tapered relief anymore for good measure.
I haven't been in a physical shop in years - rude ignorant staff , loud music , horrible customers coughing and spluttering ( well before covid ) parking problems , parking tickets , mugging , e scooters etc etc, traditional shopping's a nightmare
Then go on Amazon , Deliveroo , Richer Sounds, John Lewis or Waitrose or Sainsburys or Tesco etc etc on line - get anything you want delivered no fuss no hassle , sheer bliss
I know which option I'd go for
I rent two shops in PCL and tbh I'd change them to resi in a heartbeat
The high street is kaput , finito , deader than a dead parrot
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