Living near a Waitrose adds £36k to your house price

Living near a Waitrose adds £36k to your house price
Waitrose

Having a Waitrose supermarket on your doorstep increases the value of your home, claims Lloyds Bank. Properties near the upmarket store come with a £36,480 premium and a typical £429,118 price tag.

Researchers found living near a Marks and Spencer, which had the second highest premium, added £29,992 to a property’s value, followed by Sainsbury’s at a £26,081 price premium, Iceland £22,767, Tesco £21,344, Co-op £20,687 and Morrisons £10,504.

But the research also shows areas close to budget supermarkets have, on average, seen the biggest house price rises. In 2014 postal districts with a Lidl were typically £4,700 lower than in neighbouring areas. Today they are £6,400 higher.”

Andy Mason Lloyds Bank mortgages director, said: “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.

“There has been some suggestion that the likes of Lidl and Aldi are increasingly locating in more affluent areas where prices are already relatively high. Indeed, just three years ago house prices in areas with a Lidl were, on average, £4,700 lower than in neighbouring areas; now they're £6,400 higher.”