It’s dubbed ‘The Waitrose Effect.’ Apparently if your property is situated near to the upmarket supermarket, you could have up to 50 percent added to the value of your home. The research by global real estate services provider Savills, looked at the cost of homes with a Waitrose in the same postcode in comparison to those in the rest of the country. So it seems that it’s not just good transport links, schools and hospitals that are key determinants when buying a house – for many, high end amenities are also vital.
Furthermore, it’s not just tangible factors such as Crossrail (which is predicted to push house prices up by 40 percent) that can cause a boom. In 1999 the film ‘Notting Hill’ was cited as having triggered an unprecedented surge in house prices in W11, turning the formally bohemian, mixed borough into a haven for City and foreign money. Ultimately, it seems astounding that abstract components can have such an impact, but it’s evident that they do. Whether justified or not, it seems like the ‘perception’ of an area can be extremely influential on those thinking of buying a home.
So, using this premise, the big question for Wimbledon Village residents is will there be an ‘Andy Murray Effect’ after his celebrated win at The All England Club a couple of weeks ago? He is predicted to massively increase his earning potential (some estimates are as high as £48 million) on top of his current sponsorship deals which include Adidas, Head, Royal Bank of Scotland, and Rado. However, could his success somehow affect the housing market in this cosy corner of SW19? After all Wimbledon is already a highly sought-after area with its beautiful parks, restaurants, bars and sports clubs so it’s hard to imagine that prices could appreciate even further! Also, it’s important to question the link between celebrities and house prices – is there any evidence to support this?
The problem is that it’s unlikely a direct correlation between Murray and property prices in the Village could be measured in any discernible way. However, ‘Murray Mania’ has seeped into the nation’s veins, with Wimbledon undoubtedly reaping the benefits. Just to illustrate this, let’s imagine this scenario: a foreigner is thinking of buying a house in an affluent area in London. He/she has limited time in the UK capital, but wants to book a few appointments with estate agents to view properties. Wimbledon and Notting Hill are probably two of the places she/he’s heard of, remembering the publicity around Wimbledon and Murray’s win. Therefore in his/her mind, it’s got all the hallmarks of a quintessentially English village within a city, likely a good social life around the tennis, probably a healthy, prosperous place to live in. The relevant estate agents are called, visits set up. There could equally be areas similar yet less famous in, say, North London, but that wouldn’t be considered simply because Wimbledon has sparked initially interest.
Again, the above situation is hard to measure. However, let’s turn it the other way – if an Englishman/woman were to visit Paris to buy a property, there are probably a few key areas that would be visited simply due to their fame. I suspect the Left Bank, in the 5th/6th arrondissements could be one. Montmartre with its famous Moulin Rouge and the Sacre Coeur could be another. Hence the ‘perception’ factor encourages people to consider certain areas first and foremost, even if they go on to choose properties in other areas.
So to conclude it’s likely the Murray Effect will do no harm at all to house prices in Wimbledon Village. Although it’s hard to give a definite figure, interest in the area will have been sparked by his amazing win. Great news for residents and house buyers alike!
Image By Christopher Johnson (Flickr: IMG_7358) [CC-BY-SA-2.0 (http://creativecommons.org/licenses/by-sa/2.0)], via Wikimedia Commons