The Waitrose effect boosts property prices

Times are tough where the housing market is concerned, but if you're looking to invest in a property, you could do worse than check out the nearest supermarket.

Nearby Waitrose boosts property prices

Pic: Getty

According to research by Savills estate agents, buyers are willing to pay a premium to live in a neighbourhood that boasts a branch of Waitrose.

In fact, the study revealed that property prices in those areas that share a postcode with the upmarket supermarket could be boosted by up to 50 per cent.

On average, the price of a home close to a Waitrose branch was 25.3 per cent higher than elsewhere in the country. In London, the price difference was even more marked, with the 'Waitrose effect' adding an eye-watering 50.3 per cent onto the average cost of a home.

Sophie Chick, a research analyst at Savills, told the Daily Mail: "Our analysis identified a very clear house price premium in Waitrose store locations.

"It is difficult to state with certainty that a Waitrose opening will boost price. But it is clear that buyers should expect to pay significantly more for a home if they wish to have a store on their doorstep."

As Miss Chick pointed out, however, there's no telling whether it is Waitrose that "gentrifies" an area, or whether the upmarket brand chose its store locations based on the affluence of its inhabitants.

What do you think? Would you be willing to pay a premium to live close to a Waitrose store? Leave your comments below...