Living near a Waitrose could add over £36,000 to the value of your home, new research shows.
According to Lloyds Bank, the average price of a property within easy reach of a Waitrose is typically £36,480 higher than the wider town average.
The “Waitrose Effect” can typically add up to £22,000 to the value of a property, with upmarket supermarket brands boosting prices the most.
Those living close to a Marks and Spencer have the second highest premium, with properties worth an average of £29,992 more than homes further away, followed by Sainsbury’s (£26,081). Even discount chains like Iceland (£22,767) command a strong premium.
At the other end of the scale, living near a Morrisons will add £10,504, while a Lidl will add £6,416, and an ASDA will add £4,117.
However, a property near an Aldi can be on average £2,902 less than those in the surrounding area.
Andy Mason, Lloyds Bank mortgages director, said: “With homes in areas close to major supermarkets commanding a premium of £22,000, the convenience of doing weekly shopping within easy reach may well be a pull for many homebuyers looking for good access to local amenities.
“The ‘Waitrose Effect’ is clear; having a premium brand on your doorstep means buyers typically need to pay top prices. But the research also shows that areas with ‘budget’ stores have, on average, seen the most rapid house price growth in recent years.”
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