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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Jimmy_McCoy
Jimmy_McCoy 16 Sep 2016

I think that the main reason to buy garden purchases in last minute is because people always search for the best deal. In summer months there are abundance of seasonal goods and it means more low cost

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Jimmy_McCoy
Jimmy_McCoy 16 Sep 2016

Buying a home often is more expensive than you expect. There are lots of hidden costs such as: stamp duty, surveys and valuations, mortgages etc. that can add more than 10% to the total bill

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Homebuyerconveyancing
Homebuyerconveyancing 15 Sep 2016

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oliviaG 12 Sep 2016

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oliviaG 29 Aug 2016

So true about cats!

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Jason Roberts
Jason Roberts 25 Aug 2016

Any predictions what average rent will be at the same time next year, anymore drops coming?

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dylanvan
dylanvan 19 Aug 2016

very good, thanks for sharing

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SecomTech
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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

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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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