6 ISSUES FOR £6 Subscribe to Hertfordshire Life today click here

What effect might quality restaurants have on house prices?

PUBLISHED: 09:46 27 March 2017 | UPDATED: 09:46 27 March 2017

Service Concept. Flat Style. Vector Illustration

Service Concept. Flat Style. Vector Illustration


Sally Noakes, head of Strutt and Parker Harpenden, outlines the often-overlooked impact quality restaurants can have on surrounding property prices

The beginning of the year is traditionally the season for new healthy eating regimes, but for those foodies who can’t resist indulging, they may be boosting your house price - as top restaurants are having a surprising effect on the market.

According to latest research from Halifax, the average price of a house in the same postcode as a restaurant with a Michelin star is £527,690, compared with an average of £351,834 for the wider local area, equating to a 33 per cent premium. Over the past decade, the average house price of all properties close to Michelin-starred restaurants has risen by a significant 64 per cent.

We often hear about Ofsted-rated schools and proximity to train stations having big effects on home values, but the property price impact of being within walking distance of a highly-rated restaurant may come as a surprise to some.

We are lucky enough to have some great restaurants here in Harpenden and St Albans and, although they might not be Michelin starred, they certainly get foodies’ ears pricking.

The nation’s relationship with food over the past few years has certainly blossomed. Shows like the Great British Bake Off and MasterChef have raised our expectations and willingness to experiment with new flavours. London is certainly 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 in the area is a huge plus point for buyers.

In the capital, the premium to be near a Michelin-starred restaurant is clear. For example, properties near Michelin-starred La Trompette in Chiswick, west London, are 109 per cent higher than the average. Other top locations on the list include properties close to Michelin-starred Northcote Manor in Blackburn, commanding a premium of 128 per cent, as well as homes near Michelin-starred Alimentum in Cambridge, commanding a 113 per cent premium.

Remarkably, some of the UK’s best known restaurants did not feature on the Halifax list. Houses in Bray, home to Heston Blumenthal’s The Fat Duck, are in fact 16 per cent cheaper than the local area. Similarly, homes close to the Olive Room in Ilfracombe, north Devon, are 22 per cent down.

This shows that it is not just top food that can lift a location. It has to be a combination of lots of elements that combine to make a true property hotspot, including transport links, top schools, shops and regeneration. 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.’


Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files

Please log in to leave a comment and share your views with other Hertfordshire visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by Hertfordshire staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique Hertfordshire account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

More from Homes & Gardens

Friday, May 11, 2018

You’ll find surprises and secrets in the stunning and historically important gardens at St Paul’s Walden Bury

Read more
May 2018
Tuesday, May 8, 2018

When fate intervened, Nichola Trayler-Barbrook seized a golden opportunity to transform a barn conversion near Ware into a stunning home

Read more
May 2018
Monday, April 9, 2018

Figures from Lloyds Bank show house prices in St Albans have risen by almost half in 10 years

Read more
April 2018

Rapidly rising as an innovative, solutions-focussed designer, Hertford-based Stacey Hewett is creating stunning interiors, including this listed Hertford apartment

Read more
April 2018
Monday, March 5, 2018

The romance of a grand inn on the old Great North Road led to a couple abandoning a new build and setting to work restoring a piece of Herts’ history

Read more
March 2018
Monday, February 12, 2018

This Grade II listed manor has more than meets the eye

Read more
February 2018
Wednesday, February 7, 2018

Add colour to your garden now with the top flowers of March and this season will be all the brighter

Read more
Monday, February 5, 2018

During January and February, elusive little white signs of spring pop up around the county in the form of snowdrops. We have gathered some of the best places to go for a snowdrop walk in Hertfordshire

Read more
Monday, February 5, 2018

Compared to an aria by its developer, an opulent new build in Hadley Wood certainly hits the high notes. Pat Bramley takes a tour of the £5.5m trophy home

Read more
February 2018
Monday, January 29, 2018

Colour and interest in the garden isn’t confined to the warmer months of the year. Philippa Pearson chooses her favourite flowers, foliage, stems and bark to brighten winter

Read more
January 2018
Great British Holidays advert link

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

Topics of Interest

Food and Drink Directory

Job search in your local area

Local Business Directory

Hertfordshire's trusted business finder

Search For a Car In Your Area

Property Search