A few weeks into the annual January detox, it is now time to start looking into where to satisfy the new years’ blues with libations and delicious treats. While the presence of top restaurants can indicate an area where everything, including property, comes at a premium, our latest research highlights nine options for London homebuyers with affordable property prices and top local restaurants.
We found foodie areas in the capital where property is still below the borough’s average for potential homebuyers who are looking to invest in property near great dining without breaking the bank. Not surprisingly, the majority of the areas are based in the Southern and Eastern corners of the city.
Willy’s Wine Bar, EC3M: 70% Saving
Don’t be fooled by the name, Willy’s has several more options on offer other than adult grape juice. But the wine is divine and comes at an affordable price tag despite being located in the centre of the after-work drink scene.
The average house price paid in Willy’s EC3M is £570,666, a significant drop (70%) from the City of London’s average price of £972,524.
Artusi, SE15: 39% Saving
Heading south of the river, Peckham might conjure up the mental image of a yellow Robin Reliant but Peckham’s SE15 is also home to restaurant Artusi, a local hotspots for food lovers and an excellent choice for people in the neighbourhood looking for some great Mediterranean cuisine at an affordable price.
Property prices in SE15 average at £532,424, 39% cheaper than the average house price in Southwark as a whole (£739,418).
Gremio de Brixton, SW2: 20% Saving
Once a less desirable area of the city, Brixton is quickly becoming a hotspot for all things cultural, so much so that Prince Harry and his new fiancee visited the neighbourhood recently.
Of the countless restaurants and bars popping up in the area, Gremio de Brixton stands out because aside from food, the venue serves a number of purposes: live Spanish music and a club later in the evening, all below a church in an old crypt!
Such versatility served with tapas and wine comes with an average price tag of £593,858, 20% cheaper than the Lambeth average of £713,971.
Arena, HA9: 15% Saving
In the north-west corner of the city, there’s a cosy, family run restaurant with a taverna vibe and live music on Saturdays for locals looking for some delicious Greek dining options.
The borough average in Brent is £548,905, but house hunting around Arena and the HA9 neighbourhood could save you almost £90,000 with an average price of £461,994.
Platform 1, SE22: 11% Saving
East Dulwich’s SE22 is home to Platform 1, a permanent pop up restaurant with a rotating kitchen roster and a wine list with rare grape varieties. Not to mention, the restaurant is based in Lordship Lane, one of south London’s most charming streets with a cinema, a museum, cafes and restaurants – perfect for a stroll in the neighbourhood.
Potential home buyers could save 11% on the purchase of a home with an average property price of £666,786 in SE22, over £70,000 less than the Southwark average of £739,418.
Bacaro, E3: 8% Saving
Tower Hamlets has a wide array of great spots to eat offering food from all over the globe. Don’t get drawn in by the Tayyabs hype though, the original owners have long moved on and now Lahore’s or Nedoo’s are the places to go for some of the best curries outside of Brick Lane. Verdi’s close to Stepney Green also offers simple but outstanding Italian cuisine for a great price, while Eefes serves up honest Turkish food in a smart but refined setting.
Tower Hamlets’ E3 could save potential home buyers nearly £40,000 on their property with prices averaging £475,686, in comparison to the borough’s wider average of £512,776 and the best part is it’s home to Bacaro. Bacaro specialises in piattini & cicchetti, essentially Italian tapas, and is a great option for everything local – the food is locally sourced, the spirits and wines come from smaller producers and the prices are reasonable for the capital.
Marcella, SE8: 8% Saving
Staying south in Deptford, buying local to SE8 would mean you are in close proximity to Italian hidden gem Marcella.
Not only could you be eating and drinking well, but you could also save 8% on a property purchase. The average property cost in SE8 is £437,283, £33,935 less than Lewisham’s average of £471,218.
Buenos Aires Cafe, SE10: 4% Saving
Although there are two locations to enjoy Argentinian steak and wine by Buenos Aires, the Greenwich branch in SE10 also offers a saving of 4% on property compared to the borough’s average of £598,756.
On the contrary, the second location in Lewisham’s SE3 costs 25% more at £627,475 than the borough’s average price of £471,218.
Untitled, E8: 3% Saving
Almost on par with the average price in Hackney, the E8 outcode offers a minimal saving with an average price going for £637,948, a £17,000 saving from the borough’s average of £655,006.
But the real savings are had at the restaurant and bar Untitled, where diners can sample the entire Japanese inspired menu from a Michelin starred chef for the reasonable price of £52.50, that’s a lot of meals out for your £17,000 saving.
When looking to invest in property good local amenities are very important and can make all the difference to prospective homebuyers. While top restaurants often gravitate to the more expensive areas of a borough, there is still a whole host of affordable property options with great places to eat out.
Having that one hidden gem serving up great food at a fair price can make an area all that more attractive and if you’re looking to sell a property, highlighting these external factors can be as important as the internal features of your home.Russell Quirk