Has your home got the Deliveroo factor?
Living in an area with varied Deliveroo options can add up £36,000 to the value of your home, according to a study by Boomin.
The property portal analysed the relationship between nearby restaurant or takeaway options and house price increases, to reveal the value varied food choices can add to your home.
It found that living in an area with a good amount of Deliveroo coverage of 100 or more restaurants will add an average of £36,319 to a home’s value, while some areas could expect even more.
The study also pinpointed particular brands that add value, finding that living near a Wagamama adds an average of £30,887, while a postcode with Papa John’s delivery adds an average of £11,355.
Dubbed the ‘Deliveroo Effect’, similar to what has been seen with homes located within the vicinity of a Waitrose supermarket, researchers reviewed house price increases across the UK, and their correlation to the number of restaurant options each postcode had nearby.
The study found that those with approximately 100 different options on the popular takeaway app can expect their home’s value to be boosted by more than £35,000.
Being in delivering distance of Gourmet Burger Kitchen could add a whopping £27,274 to your home, while living near Wagamama could add up to £30,887. Top of the pack however is Byron Burger, adding an additional £33,132 to homes located close to one of the burger chain’s locations.
Michael Bruce, CEO and Founder of Boomin, said: “Within just the last five years, what buyers are looking for in a home has changed drastically. Choice seems to be leading the way, with owners wanting more things to do, to see and evidentially, to put on their plates.
“Living in a location with good restaurants adds to the general ‘feel’ of an area, so much like certain supermarkets adding value to a home, it’s no surprise that particular restaurant brands have the same power to influence prices too. What was surprising however, was just how much an effect Deliveroo, and having a good amount of choice on the app, has changed things. Deliveries were essential during the pandemic, and the knock-on effect has been beneficial for homeowners living in areas with more variety. As we become more reliant on speedy deliveries and having a whole host of choice at our fingertips, I can only see this value rising further in the future”.