'Marks & Spencer effect' pushes property prices up 15%

‘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.”