Living near a supermarket could add £21,500 to your house price
Living near a supermarket can push up your property’s value by £21,500, but it’s not just premium brands. It also helps to live near a Lidl and Aldi.
Homes within walking distance of a Waitrose, Marks & Spencer or Sainsbury’s are most likely to command a higher house price premium.
The so-called “Waitrose effect” could add £43, 571 to the value of your house, according to research from Lloyds Bank.
Having a Marks & Spencer close by could push your property price up by £40,135, while a local Sainsbury’s could add £32,707.
In the past year the premium attached to living within walking distance to a Marks & Spencer has grown by £10,143 – from £29,992 to £40,135 – the largest rise among the supermarkets chains.
But budget supermarkets can also add to the value of your home.
Properties near to Lidl, Aldi, Morrisons and Asda have increased by 15% over the past four years. This is a faster increase than for all supermarkets.
Andy Mason, Lloyds Bank mortgages director, said: “It’s easy to assume the effect of different factors on the value of a property but this research clearly shows that there is a significant link between the convenience of a local supermarket and house prices.
“The Waitrose factor has been known for some time and although the likes of Aldi can’t yet boost house prices in quite the same way, the research shows that all stores are now having a positive effect on local property prices.”