A recent survey by Lloyds Bank, has found that having any supermarket nearby raises house prices by an average £22,000. The Waitrose effect, however, could boost the value of your home by nearly £40,000.
The research has shown that Waitrose is the most beneficial supermarket to have near your home if you want to sell your house, but any supermarket will raise the value of your home.
The statistics, compiled by Lloyds, compared average house prices in English and Welsh postal districts with a supermarket with typical property values in the towns around it. Living near any supermarket chain could add around £22,000 to the price of a house, while homes near a Waitrose are worth £38,666 or 10% more than those in the surrounding area.
There was a small drop compared to last year’s research, where homes with a Waitrose nearby were 12% higher than those in surrounding areas.
Proximity to a Sainsbury's or Marks & Spencer also fared well for local homes, worth £27,000 more, and a Tesco nearby will add £22,000 more to the value of your home. On a smaller scale, Asda was seen to add £5,000, Lidl £4,000 and Aldi £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.’
There are many factors that will affect the price of your home, local amenities being just part of the attraction for buyers. Good schools, transport links, the outside appearance of your home, improvements you might have made… the list is endless. However, there does seem to be strong evidence to suggest that a supermarket could improve the value of your home.