BEHIND THE EFFECT’?
She said: “The reasons why Waitrose goes to an area are closely related to why developers might want to build there: signs of economic growth and activity, maybe good schools and communications, etc, so the only role of the Waitrose is as an indicator of other things.
“The reasons why Waitrose might choose to go there themselves impact on property prices.”
Sally Francis also drew attention to the perception of areas before Waitrose arrives. She said: “Waitrose is perceived to be the most upmarket supermarket so its presence is likely to give poten- tial buyers to the area a good impression of what it’s like there, especially if they’re new to it.
“However, Waitrose tends to choose affluent areas for its stores – most of which are fairly affluent anyway before Waitrose beds down there.” If it is a factor, it is not the biggest
If having a Waitrose in an area does increase the price of your house, it is unlikely to be as high as 10% or indeed be the main factor determining your house price. Schools, crime rates and transport links all impact on the price of a property.
“In the event of a new Waitrose store establishing itself, it is quite likely to create an increase of demand in an area,” said Douglas Haig.
“I couldn’t say by how much as that depends on the general area and other factors, but I would certainly see the area as higher demand and adjust the guide price accordingly, possibly by a few per cent.
“Of course, most are not looking at areas in such detail. Some people like areas regardless of nearby supermarkets.”