Home & Office Relocation From Surrey: the Waitrose effect
When searching for a place to call home, people usually think about how close good transportation and education are. The local shops and grocery stores that are nearby won’t generally be at the top of a buyer’s priorities. But research suggests that suitable retail on your doorstep could have a bigger impact on selling your house than you think.
For anyone who’s selling or looking to buy a property, it’s essential to consider several factors before deciding. It can make a world of difference if you put in some research beforehand. In this blog, WH Cox will revisit a theory concerning the potential for a high-end retail chain store to affect house values. We’ll see if it holds weight in 2021 and what homeowners and renters can learn from it.
Lesser-Known Influences of House Prices –
The “Waitrose Effect” refers to homes in close proximity to a Waitrose store finding higher sale prices than those without. In fact, there’s information that suggests that the top twenty locations with the highest “Waitrose premium” all have house prices at least forty percent above their local county average. And Surrey is one of these areas that fits the criteria for this phenomenon.
Experts say that the boost in price isn’t necessarily because buyers are specifically looking for a Waitrose nearby, but rather their company places store closer to their affluent consumers. This creates a community filled with higher-income families and hence also attracting those with more to spend. Other things to look for in wealthier neighbourhoods are people with multiple property investments, notices for planning, and nicer bikes and cars, to name just a few.
While Surrey is known for bringing in buyers from all over the UK for many reasons, a local Waitrose is just another drawcard for those looking to purchase a property. Whether you are looking to move, invest or sell, Surrey is a strong choice. Known for its balanced retail area offering a high level of customer choice, this is just one more reason to relocate to our beautiful county.
The Waitrose Effect – Does it Exist?
So, before we extol the virtues of the Waitrose Effect, it’s necessary to look into the details more. From studying the various articles and research on the topic, there’s enough data to make a case for it being true. And it’s not just for homeownership – this affects the rental market and prices as well. It’s worth reading these studies to weigh up how relevant the Waitrose Effect is for your current circumstances.
Objectively, this is reminiscent of the old-age question: what came first, the chicken or the egg? The causality isn’t set in stone as to whether retail store status has a definite impact on the local house values. It’s possible to interpret that retailers choose affluent areas because that’s their target audience. Then the prices might also benefit afterwards with regards to having better amenities in that location.
It’s certainly useful from a seller’s perspective when it comes to leveraging the advantages of your area. You need to sell the location and its amenities as part of the package. You can do this with some bullet points to submit to an estate agent. Ultimately, property pricing requires an expert evaluation, and that’s also their remit. And the likelihood of the Waitrose Effect having a prominent role in valuations isn’t high.
In the next section, we’ll shift your attention to a more tangible approach when it comes to appraising your home’s asking price. The property itself should be the focus, regardless of whether there’s a Waitrose, Marks & Spencer, or Wholefoods in your town, village, or city.
Top Tips for Property Scouting –
While there’s enough information to back up the Waitrose Effect, it’s also worth noting its limitations as well. No one store can hold that level of influence, regardless of the popularity or perceived quality of the goods on offer. The local area and its amenities are important, but it’s secondary in comparison to the property itself. And that’s what you should focus on the most, especially as you have a direct influence on it.
We’re suggesting you concentrate on the house or flat as your lead concern for this reason. If there are any problems, it’s within your power to make improvements. Furthermore, get an estate agent on board to help with things like valuations. They’ll be able to disseminate the data and sift out the salient points. And they’ll likely give you their expert opinion on things like amenities.
Similarly, sellers shouldn’t get too fixated on external factors and house prices. If you live near a Waitrose, there’s no problem with you leaning into this when bigging up the area. But you haven’t struck gold, and it’s unlikely to influence your property value much. Be mindful that, while the Waitrose Effect has its uses, it’s only in the scope of marketing your property.
Move-In Ready or Fixer-Up?
This one is for those embarking on property scouting soon and is weighing up whether to look for a bargain. If you’re looking for value, you might be pondering a fixer-up property that requires some renovation work. However, it’s worth understanding all the pros and cons of doing this or going with somewhere that’s ready to move in. Then you can make an informed decision with the costs at hand.
You won’t find better value for money than a house or flat from an auction lot for affordability. That’s because they’ll usually come in well below the typical market rate for its location. But this will only work if you have a strategy, and the building team, in mind. If not, it might become a money pit, and costs will spiral out of control. The rule here is simple – don’t buy with haste unless you’re confident of the desired outcome and how you plan on achieving it.
That’s why most people opt for somewhere they can move into without any of the additional hassles. You might need to undertake some redecorating or slight improvements, but only the bare minimum. Regardless of which route you go down, it’s imperative to discuss the surveys and inspections. Even fixer-up properties should have some reports on the state of things like the foundations, electrical and plumbing. And to reiterate a point – look for an experienced estate agent to help you find the ideal property.
Using Online Ratings for Moving Companies –
No one wants to receive a mediocre or substandard service when they’re moving to a new home. The problem that most people face is a lack of time or limited budget to work with. Additionally, it’s not easy to know what sort of service you’ll receive, especially if you’re undertaking your first or second move. There are a few ways to approach this, and we’ll explain how you can find a reputable removals company.
The first is to repeat time-old tactics from yesteryear. Word of mouth is still a credible way of finding a decent service provider. Ask around for suggestions and referrals from your family, friends, and colleagues. Similarly, you can search Google Reviews and Trustpilot to look for highly rated companies. In addition to showing each company’s ratings out of five, you can read customer comments and testimonials.
When you have a few potential moving companies, see what they offer in terms of removals packages. In addition to a decent range of services, check if they have a Quality Policy in place and any other accreditation. WH Cox & Son does, and the reason is accountability and a system where we can measure and implement improvements. That’s why we’re a five-star removal and storage provider with returning customers.
WH Cox & Son – Useful Moving Advice –
At WH Cox & Son, the moving day is only a part of the relocation process. A successful move is the culmination of various components that should work in conjunction to get the desired outcome. That’s why subjects like the Waitrose Effect are welcome debates to consider. Even if you believe it to be a tenuous argument, it invites further discussion on how someone should research.
For us, we think there’s enough data to suggest an impact, but it certainly isn’t a primary one. The quality of the property itself is more important, and factors like crime and employment are likely more credible. The WH Cox team knows that helpful information is the key to pushing people in the right direction. And we’ll continue to do so whenever an interesting topic presents itself.
WH Cox & Son provides a reliable and affordable range of removals packages. You can click here to request a free quote or to chat about any of our services.