Living near a quality restaurant could boost your home’s value by up to 20 per cent, new research revealed today.
A study of house prices in London found that the opening of a prestigious dining room can significantly improve house prices in surrounding streets. But a high concentration of fast food outlets has the opposite effect.
Estate agent Wetherell analysed home values in five of the six districts which comprise the West End — Mayfair, Marylebone, Fitzrovia, Soho and St James’s.
They then compared property values with the number of Michelin-star restaurants, other restaurants and fast food outlets.
Peter Wetherell, boss of Wetherell, said: “In 2009 there was a big gap in South Audley Street in the form of a neglected office block. Then Richard Caring transformed it into a top restaurant known as 34.
“This has helped to make the flats in No 33, an adjacent apartment building, extremely desirable and property values jumped up 15 per cent after the restaurant opened.”
The research was carried out by Wetherell and Dataloft, using data from LonRes, Michelin and Square Meal.
West End homes near fast food outlets “underperform” average growth by as much as 15 per cent.
