There are a wide range of factors which affect how much a property is worth, and some new research reveals that your nearest supermarket can be a major influence.
According to the analysis from Lloyds Bank, living near a supermarket typically adds around £21,500 to the value of your home.
Waitrose and Marks & Spencer attract the biggest premium, and the budget supermarkets are also helping to raise prices. But overall, homes in areas with a Waitrose, Marks & Spencer or Sainsbury’s are most likely to command a higher house price premium when compared to the wider town average.
On average, homes near a Waitrose cost an average of £43,571 or 12% more than average house prices in the wider town where the brand is located.
Next is Marks & Spencer with a premium of £40,135 and Sainsbury’s at £32,707 while homes within easy reach of all three supermarket chains are trading at an average premium of 12%.
Smaller local stores like a Little Waitrose, Sainsbury’s Local or Tesco Extra attract a higher average premium of £58,109 compared with a larger superstore at 11%, or £30,580.
But it’s homes near to budget supermarkets which were found to have seen the biggest house price rise. Properties near to Lidl, Aldi, Morrisons and Asda have increased 15% or £29,316 over the past four years, a faster increase than for all supermarkets at 10%.
Of course, statistics like this are always worth taking with a pinch of salt because there are a lot of differing factors which determine the value of a property – so it’s worth speaking to a specialist to get an accurate valuation for your home.