Forget the 'Waitrose effect' - it's all about independent shops and pubs in Tufnell Park, Archway and Marylebone
PUBLISHED: 15:00 03 August 2017
It's homes near independent local businesses that can command a premium, not posh supermarkets says Marsh & Parsons
We’ve always been a little wary of the so-called ‘Waitrose effect’.
The idea that buyers are willing to pay extra to live nearer to a posh supermarket is suspect, not least because everyone can just order through Ocado these days. Correlation does not always imply causation.
Besides, it’s unlikely that the Waitrose head honchos adhere to an ethos of ‘if you build it, they will come’.
It’s far more realistic to assume high house prices and their attended high income inhabitants that attract shops stocking an ‘essential’ range that includes crème brûlée and champagne flutes.
But one estate agency reckons they’ve cracked the code when it comes to shops and house prices.
Marsh & Parsons reckon that it’s proximity to independent shops that get buyers reaching with their wallets.
“The predominance of chains in the high street has often meant that one is indistinguishable from another,” explained sales director Alex Lyle.
“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.”
Luckily, north London has a plethora of indie vendors. Its chain shop-free high streets, with their much-lauded ‘village feel’ keep the locals local and everyone else wanting a slice of the action.
A property on Leverton Street, Tufnell Park commands a price of £876,065 thanks to its proximity to indie venues such as The Junction Tavern, Aces & Eights Saloon Bar, and Bear + Wolf Café. Boutique shops including SK Vintage and Jessica de Lotz Jewellery are also a draw.
A house on Kingsdown Road, Archway, would currently fetch a price of £822,769. Nearby you’d find shops such as vintage clothing store Ruby Violet, Spence Bakery, and purveyors of hip homewares Future & Found. Round the corner in Kentish Town The Pineapple pub is an attractive local, with it’s rotating cast of beers and lovely beer garden.
And of course, Marylebone is the ultimate example of an indie high street renaissance spurring on a house price arms race.
The Chilton Firehouse lead the charge, but NW1 fans are also drawn by the proximity to venues such as trendy magazine lifestyle extension the Monocle Café, and the 300 strong wine list at Blandford Comptoir.
And it goes without saying that anyone would pay a premium to be within sauntering distance of Daunt Books. For those sorts of places on your doorstep you’re looking at £1,524,451 for a place on Marylebone Road and £2,016,757 for a pad on York Street.
“In an increasingly homogenous world, people seek diversity in their surroundings,” added Mr Lyle. “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’.”