Proximity to top restaurants boosts property values
- Credit: The Christmas Decorators
What came first, the top restaurant or the high house price? The answer isn’t clear, but new research suggests a clear correlation between the two.
According to the Halifax, the average price of a property in the same postcode as a restaurant with a Michelin star is £527,690, compared to £351,834 for the wider local area - a 33 per cent premium.
Sally Noakes, head of Strutt & Parker’s Harpenden office, says: “We are lucky enough to have some great restaurants here in Harpenden and St Albans and, although they might not all be Michelin starred, they certainly get foodies’ ears pricking.
“London is one of the foodie capitals of the world, having an impact on the surrounding counties. So even being able to walk to a top gastro-pub is a huge plus point for buyers.”
Properties close to Michelin-starred Northcote Manor in Blackburn command a premium of 128 per cent, while homes near Michelin-starred Alimentum in Cambridge are boosted by 113 per cent.
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Some areas are going against the grain, however: houses in Bray, home to Heston Blumenthal’s The Fat Duck, are 16 per cent cheaper than those in the wider local area.
“It is not just top food that can lift a location,” says Sally. “It has to be a combination of lots of elements that make a true property hotspot, including transport links, top schools, shops and regeneration.
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“Expensive restaurants often arrive in already well-served locations to ensure enough footfall, so I think it’s worth watching those smaller spots where a great restaurant has only just arrived - it’s a useful indicator of future affluence and it could very well put a village on the map.”