It’s called the “Waitrose effect”. Studies have shown that living near to a branch of the high-end supermarket can add thousands of pounds to the value of your home. Just last month research from Lloyds Bank found that homes in the same postcode as a Waitrose cost on average £43,571 more than those in the wider town in which they’re located. Living near a Marks & Spencer or Sainsbury’s can boost house prices by £40,135 and £32,707 respectively but it’s Waitrose that has the biggest impact.
So, what happens then when your local Waitrose closes down? It’s a question some homeowners may be asking themselves following the news that the supermarket is set to close some of its stores in the wake of a profit warning issued by the John Lewis Partnership.
While some high-end outlets tend to be positioned in more affluent areas property values are unlikely to plummet as a result of Waitrose vacating the area according to emoov.co.uk.
While the general decline of a high-street may impact the local market, these desirable shop spaces will no doubt be repopulated by another business. This is already happening in some areas where former Waitrose premises are being taken over by the likes of the Co Op and Aldi.
That’s good news for homeowners as the Lloyds Bank survey also revealed properties near an Aldi have seen their values rise by 15 per cent over the past four years.
Paula Higgins of the HomeOwners Alliance summed up the situation, “While the amount added to the value of your home can be even greater if located next to a brand which is perceived as upmarket, there are many other drivers of house prices beyond having a high-end supermarket on your doorstep. The most important thing here is that large flagship stores near your home aren’t left empty. ”
Let’s have a look at some of the stores that you can find around some of our developments.
Pinchbeck Fields, Spalding – Morrisons
Oakley Rise, Corby – Aldi, Lidl, Morrisons, Tesco, M&S, Weldon Supermarket
Collingham Brook – Co Op, Morrisons, Asda, Lidl, Sainsburys
As you can see, there are plenty of options for grocery shopping around our developments and prices as a result are unlikely to be adversely affected by the departure of a flagship supermarket any time soon!
