Imagine adding almost £40,000 (!!!) to your house price value just by living in close proximity with Waitrose, Marks & Spencer or Sainsbury’s.
Not convinced? Take it up with Lloyds Bank, whom we credit for the term ‘Waitrose Effect’.
The bank released a research which revealed that properties within easy reach of local supermarkets have an added premium of £21,512 on average compared to those in nearby areas.
Living near Waitrose commands the highest premium, at more than £36,000 to the value of your property.
Marks & Spencers comes in second at £29,992 additional premium, followed by Sainsbury’s (£26.081), Tesco (£22,072) and Iceland (£20,034).
In its initial release in 2016, the research showed that property in the same postal district as Waitrose command the highest premium compared to other areas in the same town in 7 out of 10 regions of England and Wales. The largest premium is in the North West: average house prices in an area with a Waitrose is £73,629 (39%) higher than in surrounding areas.
However, if your property is located within easy reach of all four supermarkets, then you’ve got a big win at an average premium of 9%. In 2016, Chiswick in West London commanded the highest average house price premium compared with surrounding areas, at £476,738. According to Lloyds Bank, the average house price in Chiswick (which has a Waitrose, Sainsbury’s and Marks & Spencer) is £961,564 — almost double the price for Hounslow.
Property located close to budget supermarkets get a premium hike, too. House prices of homes close to an Aldi, Lidl, Morrisons or Asda have grown by an average of 11% since 2014.
Homes located near a Lidl valued at £6,416 more on average than those in the surrounding area. Conversely, however, properties near an Aldi are £2,902 less expensive on average than those in surrounding areas.
Read the full report here: http://bit.ly/2s6xlQm
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