House prices located near a Waitrose supermarket are at least 107% higher than the national average, an analysis of Land Registry data by Property Solvers has found.
The average sale price of 24,874 properties within a quarter of a mile of a Waitrose store was £469,933, almost 107% above the national average of £227,001.
Ruban Selvanyagam, co-founder of Property Solvers, said: “It comes as little surprise that Waitrose stores can be found in some of the most affluent areas of the country including across prime central London, many parts of Surrey, Sunningdale, Henley-on-Thames, Beaconsfield, Windsor, Rickmansworth and Gerrards Cross.”
“Prices are even higher when buying homes in the same postcode – i.e. beyond a quarter of a mile of a Waitrose.”
The average prices of properties in the wider postcode areas where a Waitrose store is located stood at £1,220,296 – or 160% higher than within a quarter of a mile and 438% more than the Land Registry House Price Index over the last two years.
Some 19.4% of properties within a quarter of a mile from a Waitrose store were under the UK national average over the last two years. Furthermore, just 3.2% of properties in the same postcode of a Waitrose store were under the national average of the last two years.
The cheapest properties located within a quarter of a mile of a Waitrose store were found in Wolverhampton (WV2), Preston (PR5), Sheffield (S11), Northumberland (NE46) and Northwich (CW9);
The most expensive properties located within a quarter of a mile of a Waitrose store were found in Central London. These included Belgravia (SW1X), Marylebone (W1U), Knightsbridge (SW3), Kings Road (SW3), Notting Hill Gate (W11).
Property Solvers believes that homes in the peripheral regions are generally larger, have more land, garden space and other redeeming features that naturally justify elevated prices.
Selvanayagam added: “Although many Waitrose stores can be found in town centres and cities with varied demographics, any new store is unlikely to emerge in an area where the overall profile of the local population is at the lower end of the social class spectrum.”
“As in the stores themselves, by and large, if you’re looking to buy in the vicinity of a Waitrose store be prepared to pay a premium – often a hefty one.”