There is a long standing link between nice restaurants and higher house prices, along with supermarkets and famous name coffee houses. But exactly how much more to do you pay to live near a Michelin starred eatery? Samantha Baden finds out
New research by PrimeLocation.com shows that 33 per cent of homes with a Michelin-starred restaurant nearby have average asking prices 50 per cent more expensive than the regional average.
And while the delights of three-star chef Heston Blumenthal’s chicken liver parfait with oak moss and truffle toast might not be to everyone’s palette, a tasty boost in home values will certainly appeal to most.
The Michelin-effect is also felt in the north of the country, where the best performing town is Pately Bridge, North Yorkshire, home to the one-star Yorke Arms, where asking prices are 137 per cent above the regional average. And in Scotland, the best performing Michelin town is Elie, Fife, home to one-star favourite Sangster’s, where asking prices are 133 per cent above the regional average.
Part of the link between higher asking prices and top restaurants comes down to the fact that Michelin starred restaurants tend to be in desirable locations which attract affluent people, says Jamie Adam from Jackson-Stops & Staff’s York office.
“A Michelin-starred restaurant almost certainly adds value to an area because it helps make it a destination,” says Adam. “For example, the immediate area around the Yorke Arms – just outside Pately Bridge – is in a very pretty location on the edge of the Yorkshire Dales National Park, a stone’s throw from Harrogate, which will have a bearing on the inflated house prices there.”
But demand and supply is also a factor in keeping prices high, he says. “A large number of the properties there come with land, although there is a limited amount of stock and when they come to market – which isn’t that often – the properties command a premium.”
Bray, in Berkshire, is home to the only three Michelin-starred restaurants outside of London – Heston Blumenthal’s Fat Duck and Alain Roux’s Waterside Inn – and asking prices here are 42 per cent higher than the regional average.
Just like in Bray, Michelin-starred restaurants are a magnet for further affluence, says Adam. The market town of Helmsley in North Yorkshire, home of the Michelin-starred Black Swan, is a case in point, he says.
It’s attracted affluent people to the area, which has led to similar businesses springing up, such as the Verbena Spa and Browns department store. “Helmsley has become a real destination, as have other locations with Michelin-starred restaurants.”
But it’s not always easy to tell what came first – the restaurant, or the higher property prices?
Tom Cumberland, from Hamptons International Broadway in the Cotswolds says whatever the case, a Michelin-starred restaurant can make a village more desirable. He says the one-star Lords of the Manor Hotel in Upper Slaughter “certainly contributes to the popularity of the village, both as a tourist and a second home destination”. And with asking prices here 65 per cent more expensive than the regional average, it’s a sweet deal for homeowners with Champagne tastes.
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A Michelin-starred restaurant almost certainly adds value to an area