The average price of homes in the same postcode sector as Michelin Star restaurants was £527,690 in August 2016, compared to an average of £351,834 for the local area.
Latest research from Halifax has shown that house buyers who wish to live close to the finest restaurants should expect to pay a premium of 50%.
The data reveals that the average price of homes in the same postcode sector as Michelin Star restaurants was £527,690 in August 2016, compared to an average of £351,834 for the local area.
Properties close to Michelin-starred Northcote Manor in Blackburn commands the highest percentage house price premium compared to the local area of 128%.
Martin Ellis, housing economist at Halifax, said: “Although popular television shows, reality TV and celebrity chefs have helped spark a growing population of foodies, living close to a mouth-watering Michelin Star restaurant can come with an eye-watering house price premium.”
Despite these disconcerting statistics for food lovers, house prices in Bray which is home to four of the country’s Michelin Star restaurants are 16% less in the local area on average.
The research also shows that property prices of homes closest to London Michelin starred restaurants have more than doubled in the past decade with seven surveyed locations now commanding average prices of over £1m.
The research confirms that homes closest to Michelin starred restaurants in London and the South East are the most expensive, with some areas experiencing an average price growth of over 200%.
