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Prime cuts and prime property

While many parts of the country are mourning the decline or the modern predictability of the ‘high street’, in more sought-after areas independent local shops, cafes and amenities are an increasingly vital part of the landscape. Whether the desirability of an area is brought about by the quality of local shops and amenities or whether high quality retail businesses are attracted by the profile of local residents is debatable. However, what can’t be argued against is that the ongoing success of a local neighbourhood is helped by a combination of good quality housing and local amenities. To look at the importance of local shops to a successful and desirable community we have taken the example of one the great bastions of the British high street community; the local butcher. In London, the butcher is beginning to retain its importance as part of the local ‘high street’ in many of the most sought-after neighbourhoods. Insurance broker, Simply Business have just released their latest results on the growth in independent businesses nationally. Their figures show the number of butchers having increased by 9% in the year to December 2013, with Wine Merchants rising by 10%. In addition, during the height of the recent horse meat scandal, independent family-run butchers saw meat sales rise by up to 75%. London’s butchers vary from established local names, many of whom have been in business for over a century to new companies, setting up shop in more exclusive neighbourhoods. We have looked at a selection of butchers who regularly appear in the lists of the best butchers in London, and examined houses prices in their surrounding areas to explore whether there is a correlation between them. The old guard Two of London’s traditional butchers, C Lidgate on Holland Park Avenue and Allen’s of Mayfair have been an integral part of their neighbourhood for many years. Between them they have over 286 years of experience serving some of London’s most wealthy residents. Indeed, Allen’s is famed for being open 20 hours a day to serve the well-heeled visitors to London’s finest hotels, including Claridge’s and The Savoy. As befits the quality and prestige of these local institutions, the high value market they serve has seen prices grow significantly over the past decade, and they are now between 149% and 170% higher than they were ten years ago. However, it is in the fringe of prime London where the highest growth has been seen recently and this is where some of the most exciting new butchers can be found. The new kids on the block As Londoners have moved out of prime postcodes, new areas of the capital are now seeing an influx of wealthy urbanites demanding good quality fresh produce on their doorstep. Butchers, such as The Ginger Pig have responded to local demand by setting up in some of the areas which have seen the highest growth in house prices in recent years. They are a new breed of butchers appealing to both young and old, with eye grabbing branding and a range of deli-style products over and above the usual product range. Borough market (SE1) is home to a handful of high quality butchers, and was the first site for Ginger Pig. It has enjoyed demand from both the local market as well as visitors from outside the area. Prices over the last 12 months have risen by 21%, with some of the strongest ten year growth figures outside of prime central London (133%). Ginger Pig has expanded quickly and has set up shop in other areas like Waterloo where average values have gone 133% in the last 10 years. Other new players on the market like Provenance have established a base in Notting Hill, where prices have increased by 149% in a decade. For buyers looking for London’s emerging hotspots, existing or soon to be opened butchers, bakers and good quality local amenities are becoming an increasingly important indicator. Source: Land Registry/ Lonres

Winkworth blog_May_6

While many parts of the country are mourning the decline or the modern predictability of the ‘high street’, in more sought-after areas independent local shops, cafes and amenities are an increasingly vital part of the landscape.

Whether the desirability of an area is brought about by the quality of local shops and amenities or whether high quality retail businesses are attracted by the profile of local residents is debatable. However, what can’t be argued against is that the ongoing success of a local neighbourhood is helped by a combination of good quality housing and local amenities.

To look at the importance of local shops to a successful and desirable community we have taken the example of one the great bastions of the British high street community; the local butcher. In London, the butcher is beginning to retain its importance as part of the local ‘high street’ in many of the most sought-after neighbourhoods.

Insurance broker, Simply Business have just released their latest results on the growth in independent businesses nationally. Their figures show the number of butchers having increased by 9% in the year to December 2013, with Wine Merchants rising by 10%. In addition, during the height of the recent horse meat scandal, independent family-run butchers saw meat sales rise by up to 75%.

London’s butchers vary from established local names, many of whom have been in business for over a century to new companies, setting up shop in more exclusive neighbourhoods.

We have looked at a selection of butchers who regularly appear in the lists of the best butchers in London, and examined houses prices in their surrounding areas to explore whether there is a correlation between them.

The old guard

Two of London’s traditional butchers, C Lidgate on Holland Park Avenue and Allen’s of Mayfair have been an integral part of their neighbourhood for many years. Between them they have over 286 years of experience serving some of London’s most wealthy residents. Indeed, Allen’s is famed for being open 20 hours a day to serve the well-heeled visitors to London’s finest hotels, including Claridge’s and The Savoy.

As befits the quality and prestige of these local institutions, the high value market they serve has seen prices grow significantly over the past decade, and they are now between 149% and 170% higher than they were ten years ago.

However, it is in the fringe of prime London where the highest growth has been seen recently and this is where some of the most exciting new butchers can be found.

The new kids on the block

As Londoners have moved out of prime postcodes, new areas of the capital are now seeing an influx of wealthy urbanites demanding good quality fresh produce on their doorstep. Butchers, such as The Ginger Pig have responded to local demand by setting up in some of the areas which have seen the highest growth in house prices in recent years. They are a new breed of butchers appealing to both young and old, with eye grabbing branding and a range of deli-style products over and above the usual product range.

Borough market (SE1) is home to a handful of high quality butchers, and was the first site for Ginger Pig. It has enjoyed demand from both the local market as well as visitors from outside the area. Prices over the last 12 months have risen by 21%, with some of the strongest ten year growth figures outside of prime central London (133%).

Ginger Pig has expanded quickly and has set up shop in other areas like Waterloo where average values have gone 133% in the last 10 years. Other new players on the market like Provenance have established a base in Notting Hill, where prices have increased by 149% in a decade.

For buyers looking for London’s emerging hotspots, existing or soon to be opened butchers, bakers and good quality local amenities are becoming an increasingly important indicator.

Chart_may_dataloft_butchers_blog

Source: Land Registry/ Lonres

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