New research from a High Street Bank has found that properties within easy reach of a local supermarket are, on average, likely to command a price premium of up to £21,512 when compared to the wider town average.
In fact, if your home is within easy reach of a Waitrose, then the property premium may rise as high as £36,480. This is known as the ‘Waitrose Effect.’
What is the ‘Waitrose Effect’?
Newark and Southwell estate agent Alasdair Morrison commented about the research:
“The ‘Waitrose Effect’ is clear. Having a premium brand on your doorstep means buyers typically need to pay top prices.
“We’ve long known that the premium brands we have in the Newark and Southwell locality are very high on the list of buying priorities for people wanting to move to an area with good access to local amenities.
“Our homeowners are lucky enough to have local access to nine out of the ten major supermarkets considered in this research and this definitely seems to be reflected in the house sale prices locally.”
The research also showed that Waitrose Effect dominates the property premium in eight out of ten UK regions, adding a premium of up to 13.4% in the East Midlands for properties in the postal district of the supermarket.
How might the ‘Waitrose Effect’ affect my property price?
“Interestingly, it’s in postal areas where the budget supermarkets Aldi and Lidl have now opened stores, which have seen the most rapid house price growth in recent years. In 2014, house prices in areas with a Lidl were on average £4,700 lower than in neighbouring areas; today, due to their increased popularity they are £6,400 higher. This is great news for us locally, as a brand new Lidl has recently been opened in Balderton.”
“But premium supermarkets and the ‘Waitrose Effect’ are not the only draw for buyers looking to live in the Newark and Southwell area.
“We know that market towns like Newark and Southwell, with their wide range of independent retailers, attractive shopping areas with popular high street names, excellent road, rail and air links to the north, south and heart of England, combined with good and outstanding Ofsted primary and secondary schools, offer local residents a high standard of semi-rural living in spacious period properties that is hard to match elsewhere.
“This drive for a better standard of living without compromising on the finer things in life is keeping the East Midlands housing market in a strong position. In fact, the June House Price Index from Rightmove showed that the East Midlands has highest average house asking prices in the UK at 5.1%.”
“With the East Midlands housing market continuing its strong growth, now is the perfect time to put your house on the market. We have qualified buyers waiting for quality houses; so not only can we arrange a free market appraisal; we can also arrange immediate viewings once the property is on the market. Just call our offices in Newark on 01636 700888 or Southwell 01636 813971 to set up an appointment.”