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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Spencer Fortag
Spencer Fortag 25 Aug 2016

The funny thing is, I mentioned the brick issue in my blog back in April: http://medwayproperty.blogspot.co.uk/2016/04/the-medway-property-market-and-lack-of.html

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SecomTech
SecomTech 19 Aug 2016

Firstly, I either lodge with DPS or do not take a deposit...secondly, If a tenant has not received a confirmation their deposit is secured with either a scheme or in an insured account with an agent/landlord,...

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jasonevans
jasonevans 19 Aug 2016

Belvoir has over 15 years of experience in property lettings, buying and renting and is one of the best agencies I know about. I have heard that they revived an award for the hard work. Really amazing...

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jasonevans
jasonevans 19 Aug 2016

Usually these areas are least affected when it comes to unexpected economical collapse.

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TheWaspNestRemover
TheWaspNestRemover 11 Aug 2016

You agree to pay for the treatment needed to get rid of fleas, ants, mice, wasps nests and other pests unless you can prove that these are a result of us not meeting our repairing responsibilities or these...

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madisonwelch80
madisonwelch80 02 Aug 2016

16% is quite a raise. Let's hope this tendency won't continue for long.

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madisonwelch80
madisonwelch80 02 Aug 2016

?66,963 is a serious price drop However buying a property it a serious investment only small percentage of the UK population could afford.

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madisonwelch80
madisonwelch80 02 Aug 2016

Wow, it kind of surprised me. I mean counting on mom and dad's bank even after retirement is too much. That's the moment in life when one should have ensured themselves. I am shocked.

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AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

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AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

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CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

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Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

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