Dubbed ‘the Waitrose effect’, living close to a branch of this supermarket has been a barometer for rising house prices for some time.
Yet, the latest research by estate agent comparison site, GetAgent.co.uk, has revealed that when it comes to high house prices near supermarkets, Waitrose is no longer the top dog.
For many, our trips to the supermarket are the only sense of normality during lockdown and living close by to one can be sought after even in normal circumstances. However, the research from GetAgent.co.uk shows that many will 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. That’s a 34 per cent increase on the current average UK house price of £230,332.
The store we’ll pay most to live near is…
It’s U.S import, Whole Foods – with the average house price surrounding Whole Food stores at an eye-watering £969,188.
That’s 321 per cent higher than the current UK average, and 109 per cent higher than the average of £464,089 surrounding Waitrose stores; the next highest supermarket house price. Although, with most Whole Food stores in the swankier parts of London, perhaps it’s not that surprising?
The top five supermarkets by surrounding house price
What is more surprising is that Budgens ranks third with an average property value of £430,838 surrounding their stores. Marks & Spencer (£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.
‘There’s a new sheriff in town when it comes to the supermarket house price sweep and that’s Whole Foods,’ says Founder and CEO of GetAgent.co.uk, Colby Short, comments. ‘House prices surrounding Whole Food stores are 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 & 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. It’s these day-to-day amenities that will stand out to buyers ahead of a good restaurant and even handy transport links.
With current market conditions and a shortage of online delivery slots, a local supermarket could help command an even higher price. 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,’ says Colby.