Housebuilder Bellway Homes claims to have noticed a sharp rise in interest in recent months at its Moderno development, located in Hove, partly because it is located close to Hove’s new Waitrose.
Brighton & Hove has long been a desirable place to live but the opening of the new Waitrose store in Hove earlier this year bestowed that extra a seal of approval on its local area, which is in turn attracting new homebuyers, according to Bellway.
Aside from attract more buyers and confirm the desirability of an area, the so-called ‘Waitrose effect’ is reported to also have a positive impact on property prices. But is there any truth in the claim?
Research by Savills into the Waitrose Effect found that house prices in areas where there was a store were typically 25% higher than the county average. While Waitrose can be a catalyst for gentrification the chain is focused on opening stores in areas that are already attractive and sought after, so opening in many ways Hove was a natural fit.
Nicky Morton, Sales Director at Bellway Homes South East, commented: “It is undeniable that Waitrose is one of those brands that enhances the reputation of a place. People don’t move to an area purely because of a Waitrose, but if it’s an area they are considering, the Waitrose will provide an extra pull factor.
“The homes at Moderno are not only in walking distance of the Waitrose, but also the many and varied independent shops and other attractions Brighton has to offer. The proximity of the Waitrose is definitely something all of our potential buyers are interested in.”