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The Waitrose effect

Posted by Mike Carey on 29th March 2016
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We all know that properties near good schools can command higher than average prices – but if you’re lucky enough to live within walking distance of a Waitrose, your home is likely to benefit from an uplift to your house price, according to new research. It’s not clear what is the cause and what is the effect – after all the premium supermarket is, by its nature, more commonly found in affluent areas. But properties surrounding a Waitrose are worth on average £456,000 – more than double the UK average of £221,254 – and prices rose seven per cent last year. WaitroseMAIN.jpg As evidence, the research cites a number of addresses where houses sharing the first half of a postcode with a Waitrose outpaced house price growth in the rest of the town or city. Waitrose-boosted prices in Upminster, for example, rose 10 per cent compared with three per cent for the city as a whole. The most expensive properties near to a Waitrose are – unsurprisingly – in Kensington and Chelsea, where the average property near to one of the John Lewis Partnership supermarkets comes out as £2.6m, and prices grew at five per cent.