• On average, homes surrounding an M&S store are 15% more expensive than the wider area.
• This climbs to 36% in London.
• The largest gap is Heswall Simply Food in Merseyside where property is 60% more expensive around the store than the wider area. 

The latest research by leading hybrid estate agent, Emoov.co.uk, has looked at what influence the presence of a high-end retailer can have on the surrounding property market and what impact the closure of the likes of Marks and Spencer, House of Fraser and Waitrose could have on the wider area.

Emoov's research found on average, property around a high-end retailer does fetch more than the wider area, but this isn't any increase in property prices, this is a Marks and Spencer increase in property prices, with property in close proximity to an M&S store fetching on average 15% more than the wider area.

Emoov looked at property prices surrounding over 900 Marks and Spencer stores across the UK and then compared them to property prices for the wider area. While the wider areas as a whole are still home to an affluent average property price tag of £538,292, this increases to £632,100 when looking at the immediate vicinity surrounding a Marks and Spencer store.

The largest gap is around the Heswall Simply Food in Merseyside, where properties in CH60 where the store is located go for £403,277 compared to just £160,053 in the wider Merseyside area – a difference of 60%!

With convenience key for home buyers in the capital and property prices often influenced as a result, the cost of living nearby a London based Marks and Spencer is 36% higher than prices in the wider area.

The Notting Hill Gate Simply Food is home to the largest uplift, again at 60%, with the Simply Food in Tottenham Court Road also high with a 49% difference to the wider area.

However, while this may come as good news to M&S adjacent homeowners, the news that they are planning to close a number of stores across the nation, along with a number of other high-end retailers such as House of Fraser and Waitrose, could see local property prices start to fall as a result.

Founder and CEO of Emoov.co.uk, Russell Quirk, commented:

“The Waitrose effect and the impact of other high-end outlets have long been attributed to higher house prices, and this is true to some extent. These stores are obviously located in areas home to their target demographic, with a more abundant additional income, more expensive homes and so on, but a well-populated high-street can help stimulate the surrounding property market. 

This is largely because home buyers crave the convenience of nearby amenities and while it is unlikely that the closure of a single shop will drastically impact house prices, a number of household names vanishing from our high streets could see surrounding property prices start to reduce.

Ironically, it's this demand for greater convenience that is resulting in the closure of these retailers, as the consumer mindset is moving more and more towards the online space.

Of course, the real casualty of this shift in consumer behaviour isn't Marks and Spencer, or Waitrose, it's the staff due to lose their jobs as a result of these store closures. While technology can drastically improve how we do things in our day to day lives, there is no substitute for that human touch and it's the integration of great staff with innovative technology that should be the focus for these retailers.”

End

Notes to Editor

• Data Source: Zoopla Z-Index
• Data point for each Marks and Spencer store is the outcode for that particular store e.g. W1T
• Data point for the wider area is the area that store is located in e.g. Camden
• Number of UK Marks and Spencer stores - 916
• Emoov is the UK's No.1 Hybrid Estate Agent, offering a better way to sell your home by combining the best of the online/hybrid and traditional sectors. 
• Emoov recently merged with Tepilo and Urban.co.uk to form the second largest online property group in the UK.
• In 2014, 2015 and 2016 Emoov won the allagents.co.uk 'Best Customer Experience Award', a testament to our approach as the leading digital disruptor, offering fantastic value and outstanding customer service.
• Emoov charges a transparent fixed fee from £795, saving sellers thousands. And also offers an alternative option that is 'Pay Only When Sold' from £1,495, the first in our sector to do so. 
• Emoov has sold over 30,000 properties in 98% of all UK postcode areas.
• Emoov achieves a better price (nearly 1% on average)
• Emoov is backed by VC firm Episode 1.