The “Waitrose effect” can help add over £36,000 to a property price typically - while living near any national supermarket may boost a home’s value by around £22,000 - research suggests.
Lloyds Bank found that homes within easy reach of a local supermarket command a premium of £21,512 on average compared with property prices in nearby areas. Homes near a Waitrose were found to command the biggest cash premium - costing £36,480 more typically than average house prices in the wider town.
Properties close to a Marks & Spencer have the second highest premium, with homes worth an average of £29,992 more than homes further away, the research found.
Lloyds Bank compared average house prices in postal districts with a supermarket from a national chain with typical property values in the wider towns to calculate the price premium paid for homes located near supermarkets. Home buyers who want the convenience of living near a supermarket but do not want to pay a big house price premium may want to consider focusing their search near an Aldi.
The research suggests that properties near an Aldi can be, on average, £2,902 less expensive than those in surrounding areas.
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 home buyers 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.”