Can a supermarket affect the value of your home?

Can a supermarket affect the value of your home?

The latest research from eMoov has taken a look at how homes that are situated in close proximity to one of Waitrose's 300+ UK stores can affect its value.

The research found that on average, property surrounding Waitrose stores costs £456,000, more than double that of the UK overall (£221,254), having increased 7% over the last year.

It’s well known that the close proximity of a house to sought-after amenities can help increase a property’s price potential. Previous research by eMoov found that a mainstream supermarket, such as Waitrose, was the second most important amenity to UK buyers (30%) - beaten only by the British corner shop.

Waitrose opened its first supermarket in Streatham back in 1955. Since then the average house price has increased by over 11,000% and now tops £461,000 in Streatham and £220,000 nationwide.

The allure of a Waitrose is clearly more appealing to Britain’s upper class than a discount store such as Aldi, with one resident of Poynton in Cheshire quoted last week saying “I thought we were making real progress as a community with the opening of Waitrose in 2012, however with the opening of Aldi I feel as though we are taking a step back into the lower class.”

But how beneficial is the presence of a Waitrose store to the surrounding areas and does its middle to upper-class image rub off on property prices?


eMoov’s research found property surrounding Waitrose stores costs £456,000 on average, more than double the UK average of £221,254. The most expensive? Where else but Kensington in Chelsea, where the average property around the Waitrose store will set you back nearly £2.6m.

But it isn’t just London’s prestigious areas that are benefiting from the Waitrose effect. The property surrounding the Waitrose supermarket in Wolverhampton has the lowest average house price across all UK stores at £118,000. However, over the last year prices in the area have increased by 9% in value, compared to just 6% in Wolverhampton as a whole.

Waitrose Southsea in Portsmouth has also enjoyed an increase in surrounding property values of 5% in the last year, despite the area as a whole only increasing by 3% in the same timeframe. Waitrose’s Stirling store in Scotland has seen surrounding property outperform the local market by 1% in the last year, as has Waitrose Lincoln.

Russell Quirk, Founder and CEO of eMoov.co.uk commented: “In a market as competitive as the UK’s, savvy home sellers will use any bargaining chip they can to justify a higher asking price and, close proximity to a desirable amenity, will always act as such a chip.

Although Waitrose positions their stores in more affluent areas, it is clear that the presence of a Waitrose supermarket can influence surrounding property values in a positive manner and in many cases, can see homeowners double the price potential of their property.

Waitrose is a bi-word for ‘well to do’ and therefore for those that place a high importance on such an image, a walk to the local Waitrose justifies a higher asking price to similar nearby properties.”

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Latest Comments

MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

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ajay
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How is the "robust evidence" looking now?

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You would think so Niraj Shah! My experience only proves that there are varying qualitiers of professional in all aspects of property letting. None of the ones I have dealt with, from letting agents to...

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Mark
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Thanks for this article. Hopefully one day everybody's lifestyle will be eco-sustainable.

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Ben Taylor
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I was convinced that London was the most expensive!

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Alan Read
Alan Read 28 Feb 2017

Australia are leading the way in this I think. The trouble with Britain is we don't get enough sun to make use of solar power.

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James Powell
James Powell 27 Feb 2017

This is a very good news.

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DanHumphreys
DanHumphreys 27 Feb 2017

It sounds like a good idea. Anything to help the younger generation get a foothold.

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Matt
Matt 20 Feb 2017

Is this fake news?

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