Looking to move house soon? Listen up (Picture: Getty/Metro.co.uk)
When it comes to considering a new area to move to, you might consider things like public transport, schools, and even the local takeaways.
But did you know that there’s a little-known hack that can help you predict the up-and-coming property locations?
If you find yourself thinking about where you might do the weekly shop when viewing a prospective home, you’re on the right track, because this secret supermarket hack is actually a very useful indicator of where’s hot.
This is something that’s often been termed the ‘Waitrose effect’ – and is an age-old way of deciphering whether an area might be ‘worth’ investing in from a property perspective.
Yes, Waitrose might not be the most affordable supermarket, but using it as an indicator when searching for a new home doesn’t necessarily mean you have to shop there.
In fact, recent research from price comparison website Which? found that Waitrose is actually the least affordable supermarket in the UK, with the average price for 59 items coming in at a whopping £130.37.
The ‘Waitrose effect’ could help you choose your next home (Picture: Getty Images)
By comparison, Aldi was named the cheapest supermarket, with the weekly total for the same price ranking at £102.68, while Lidl placed second with a marginal difference of £1.18 at £103.86.
So, what is the Waitrose effect all about? As Director of Benham and Reeves, Marc von Grundherr, tells Metro, ‘the general belief is that when a brand, such as Waitrose, appears in an area, it can be a precursor to upward house price growth and wider gentrification.’
‘The reality is that such areas have already become gentrified before these brands arrive and it’s the changing face of these property markets that draw higher end household names to set up shop there in the first place,’ Marc adds.
‘While it is a very basic measure of an area, keeping an eye out for which supermarket names appear within the vicinity can help homebuyers gauge what kind of area they are house hunting within.’
And, as a think piece in The Telegraph wrote this week, a Waitrose is a ‘sign of yuppie appeal and a safe place to invest,’ noting that the first new Waitrose in a whopping six years is now set to open in Hampton Hill in south-west London, marking it as an area of interest.
Likewise, in Marc’s view, it’s increasingly not a Waitrose you need to look out for, but a Whole Foods. Boujie or what?
You might want to look out for a Whole Foods in your next area, not a Waitrose (Picture: Getty Images)
However, on the flip side, Marc argues that an area being ‘posh’ (i.e. having a Waitrose) doesn’t necessarily mean that it’s a property hotspot.
‘In many of these areas, house prices are already inflated and so the rates of house price appreciation seen can be muted,’ Marc explains.
‘You want to be searching for areas with plenty of price growth potential …read more
Source:: Metro
