Following the opening of a Waitrose store in Chipping Sodbury this summer, an article in the Sunday Times speculated that “the opening of Britain’s most middle-class supermarket can only push (property) values higher”.
A local firm of solicitors even offered a special “Waitrose conveyancing” discount before the store opened.
This effect has been studied by estate agents and research from Savills’ found that house prices in areas close to a store were 25 per cent higher than average. In London, prices were even higher in postcodes featuring Waitrose stores.
The “Waitrose effect” is particularly noticeable in small market towns where older buyers are on the lookout for properties within walking distance of local supermarkets and shops.
Waitrose invests time and money opening in areas that match their profile, according to Paul Langston, consulting partner of location strategy at CACI, the market research analyst firm. Whether the store opening brings in more affluent customers or the opening of a branch makes an area more desirable is still a matter of opinion.
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