New research has identified a growing trend that can add up to 10% to a property’s value.
It is well known that living near a ‘premium’ supermarket brand can help boost a property’s value significantly, with homes located near a Waitrose found to command the biggest cash premium. But a new study suggests that living in close proximity to independent shops, restaurants and bars can now add even more money to your property’s value.
Independent research undertaken by London estate agent Marsh & Parsons outline how a street with vibrant, independent shops is now a more desirable amenity than the presence of a Waitrose, and that living near independent shops, restaurants and bars can add up to 10% to a property’s value, as it adds culture and character to the neighbourhood.
Marsh & Parsons has identified no fewer than nine London streets where independent shops dominate and properties in close proximity command an average of 10% more than equivalent properties further from such amenities.
| Street name | M&P branch(es) in the area | Typical property price | Examples of independent shops in the area |
| Chiltern Street, W1 | Marylebone and Mayfair | York Street- £2,016,757
Marylebone Road- £1,524,451
|
Bars/ Restaurants: The Bok Bar, Hardy’s, Cadenhead’s, The Monocle Café, Blandford Comptoir, Nordic Bakery
Museums and Galleries: Atlas Gallery Boutiques: Prism, John Simons, Mouki Mou |
| Brecknock Road, N19 | Tufnell Park | Kings Down Road- £822,768
Monnery Road- £703,108 |
Shops: Ruby Violet, Harrington & Squires, Spence Bakery, Future & Found
Bars / Restaurants: The Pineapple |
| Fortess Road, NW5 | Tufnell Park | Leverton Street- £876,065
|
Restaurants/ Bars: The Junction Tavern, Aces & Eights Saloon Bar, Bear + Wolf café
Boutiques: SK Vintage, Jessica de Lotz Jewellery |
| Salusbury Road NW6 | Queen’s Park | Hartland Road, NW6- £1,682,926 | Shops: Iris Fashion (Boutique) Queen’s Park Books |
| Shoreditch High Street, E1 | Shoreditch | Old Street EC1- £826,274 | Restaurants/Bars: The Arts Club, Andina London, Bull in a China Shop
Shops: Atomic Antiques, House of Hackney, Aida |
| Caledonian Road, London N7 | Camden | Wheelright Steet- £633,763 | Restaurants/Bars: Shillibeer’s, Kokeb, Hemingford Arms |
| Marylebone Road, NW1 | Marylebone and Mayfair | Glentworth Street NW1- £1,090,798 | Shops: Margaret Howell, Gallery 1930 and Daunt Books |
| Queens Gate SW7 | South Kensington | Stanhope Gardens- £2,513,983 | Shops: Royal Spades, Chic Elegance |
| Goldborne Road | North Kensington | Wornington Road- £851,441 | Shops: Snaps & Rye, Lisboa Patisserie, Phoenix on Golborne and Found & Vision |
Alex Lyle, Sales Director at Marsh & Parsons said: “The predominance of chains in the high street has often meant that one is indistinguishable from another.
“People crave character and a street brimming with independent food shops, fishmongers, pubs with their own micro-breweries , bike shops, clothes shops and bookshops are a major draw.
“This adds great character to an area and is a major plus point. We have identified the new Portobello Roads – which 25 years ago helped put Notting Hill on the map. In an increasingly homogenous world, people seek diversity in their surroundings – a specialist coffee shop, a bespoke hat shop or a great world food restaurant can prove a real attraction to buyers. And that has taken over from the ‘Waitrose effect’.”