And no, it's not Waitrose anymore
Firstly, you need to be able to spot potential, especially at a time when gentrification is making the initial location less important than it once was.
Gone are the days of buying within a certain radius of a Starbucks and in is the era of looking in an area that’s up-and-coming and will pay-off as a long-term investment.
Well, a few years ago, any estate agent would have told you that buying near a Waitrose was a good indicator of somewhere that would always pay-off but thanks to the supermarket’s expansion into areas including motorway service stations, the Waitrose name has become less enticing to aspirational buyers.
The new benchmark? The Ivy.
Yes, the restaurant that used to be the hotspot for celebrities in London’s West End (even The Queen goes there) are branching out with their collection of diffusion restaurants, cafes, brasseries and grills.
So far, they’ve opened in Chelsea and are set to open near Tower Bridge – which has already seen a 31% rise in house prices around St John’s Wood, Richmond and the City.
Oh, and if you aren’t yet convinced of ‘The Ivy effect,’ it’s worth noting that it’s not just happening in London…
When The Ivy Marlow Garden was announced, properties in Marlow, Buckinghamshire, increased by 49% and The Ivy Cobham brasserie has seen a 30% increase in house prices around the Cobham area in Surrey.
So, it seems that the house buyer’s wishlist has become a whole lot fancier…