Living near a Waitrose could add a whopping £38,666 to the price of your property, new research shows.
According to Lloyds Bank, the “Waitrose effect” can add an average of £22,000 to the value of your home.
Premium brands add the most to nearby house prices, with properties close to a Waitrose store receiving an average boost of £38,666 – or 10% more than in the surrounding area.
Properties near a Sainsbury’s and Marks and Spencer command the next highest house price premiums of around £27,000, while those near Tesco are worth around £22,000.
Living near an Asda can add around £5,000 to the value of your home, while a Lidl will add a premium of £4,000 and an Aldi store £1,300.
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.”
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