Home Commercial Property Remember the Waitrose effect?

Remember the Waitrose effect?

by LLP Reporter
25th May 20 1:37 pm

These are indeed strange days. For many, the highlight of the week now is the trip to the local supermarket to grab a loaf of bread and a glimpse of how life used to be.

Newly released research by estate agent comparison site, GetAgent.co.uk, reveals that living close by to one can be a sought after commodity for homebuyers but you will more than likely pay above average for the privilege.

GetAgent analysed house prices across thousands of areas home to one of the 13 big name supermarkets and found that on average, house prices sit at £308,704; a 34% increase on the current average UK house price of £230,332.

The best supermarket seller? Whole Foods, with the average house price surrounding Whole Food stores at an eye-watering £969,188. That’s 321% higher than the current UK average and 109% higher than the average of £464,089 surrounding Waitrose stores; the next highest supermarket house price.

Perhaps surprisingly, Budgens ranks third with an average property value of £430,838 surrounding their stores, while Marks and Spencers (£385,026) and Sainsbury’s (£356,090) complete the top five.

Londis, Tesco, the Co-op, Lidl, Iceland and Morrisons are also home to an average house price higher than the current UK average, with just Asda (£211,069) and Aldi (£197,180) coming in at a more affordable price tag.

Colby Short, Founder and CEO of GetAgent.co.uk said, “There’s a new sheriff in town when it comes to the supermarket house price sweep and that’s Whole Foods, with house prices surrounding Whole Food stores coming in far higher than even Waitrose.

“Of course, the more ‘prestige’ the supermarket the more likely it is to be located in a wealthy pocket of the UK property market, although some may be surprised to see Budgens ranking above the likes of Marks and Sparks and Sainsbury’s.

“Regardless of where you shop, living within close proximity to a major supermarket is probably going to help boost your house price and it’s these day to day amenities that will stand out to buyers ahead of a good restaurant and even a handy transport link.

“With current market conditions and a shortage of online delivery slots, a local supermarket could help command an even higher price as many will be looking to travel as little as possible in order to get their essentials.

“While market activity is sparse at present, this will bode well for home sellers who need to move but may be worrying about a pandemic induced fall in property values.”

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