PropertyInvesting.net: property investment ideas, advice, insights, trends
Propertyinvesting.net: Property Investment ideas, advice, insights, trends

PropertyInvesting.net: Property Investment News

 Property News

more news articles...

Living near Waitrose could add £38,666 to your house price, survey says


07-26-2016

The "Waitrose Effect" could boost your house price
The 'Waitrose Effect' could boost your house price Credit: Press Association
list of article image 2 

Little wonder, then, that Waitrose can quite literally affect the fortunes of its neighbours.

Living near to a Waitrose supermarket can help to boost the value of your home by nearly £40,000, according to research.

The "Waitrose effect" eclipses the benefits of having any other shop as a neighbour, according to Lloyds Bank, after a study found having any supermarket nearby raises house prices by an average £22,000.

Even living near discount chains Aldi and Lidl could also help to boost the value of a property, with a rise of £1,333 and £3,926 respectively.

Shoppers browse the aisles in the Canary Wharf store of Waitrose in London
Shoppers browse the aisles in the Canary Wharf store of Waitrose in London Credit: Neil Hall

The figures were compiled by Lloyds Bank, which compared average house prices in English and Welsh postal districts with a supermarket with typical property values in the towns around it.

It found that living near any supermarket chain could add around £22,000, while homes near a Waitrose are worth £38,666 or 10 per cent more than those in the surrounding area.

This year’s survey shows a small drop in the Waitrose effect from last year, when Lloyds found the price of a home was £38,831, or 12 per cent, higher than houses further away.

Money Saving Minute: online shopping vs driving to the supermarket

The 2016 study showed properties near a Sainsbury's or a Marks & Spencer command a premium of around £27,000, while those near a Tesco are worth around £22,000 more than homes in the wider area.

Homes near an Asda are worth around £5,000 more than those in surrounding locations, while those near a Lidl have a premium of around £4,000 and properties near an Aldi are valued at around £1,300 higher than homes in the wider area.

Financial detox: save hundreds on your house and bills

Mike Songer, Lloyds Bank mortgage director, said: "Our findings back-up the so-called 'Waitrose effect'. There is definitely a correlation between the price of your home and whether it's close to a major supermarket or not.

"Our figures show that the amount added to the value of your home can be even greater if located next to a brand which is perceived as upmarket.

"Of course, there are many other drivers of house prices beyond having a supermarket on your doorstep, but our research suggests that it is a strong factor."

www.telegraph.co.uk

back to top

Site Map | Privacy Policy | Terms & Conditions | Contact Us | ©2018 PropertyInvesting.net