Tuesday, 28 September 2021

‘Waitrose effect’ is a boon for home owners

THE “Waitrose effect” is much more than just a weekly shop.

THE “Waitrose effect” is much more than just a weekly shop.

Living close to a well-known supermarket chain can add an average of £22,000 to the value of your home, according to a recent survey by Lloyds Bank.

The report also revealed that premium brands can add even more to nearby house prices, with properties close to a Waitrose store receiving an average boost of 10 per cent or higher than the wider town in which they are located in — the highest uplift of all the national supermarkets.

Proximity to a Sainsbury’s was found to add an average of £27,939; Marks and Spencer £27,182; and Tesco £22,072.

Over the years there have been a number of reports that show that Waitrose is one of several food stores that can reflect the affluence of an area.

Previous studies have shown the average house price gain from properties that are within a reasonable walking distance of Waitrose — some even suggesting an increase of 25 per cent in certain areas of the UK.

Waitrose invests time and money opening in locations that match their profile. The market research is trusted and can identify an area as up and coming, highlighting that area as a good place to live, especially if other regeneration is going on at the same time.

Antony Gibson, sales director at Romans, says: “The ‘Waitrose effect’ can act as a real influencer for many buyers and make the property more saleable.

“Waitrose and other premium brands have become the gateway to middle class aspirations.

“To have one as your regular supermarket shows that you are living in an area close to people with similar lifestyles and aspirations to your own — making the area more attractive to live in.”

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