Living near a supermarket can add £22,000 to your house price
And the 'Waitrose Effect' can boost your property value even further, by nearly £40,000, according to Lloyds Bank.
What’s the latest?
Homes located close to a well-known supermarket can cost a cool £22,000 more than those in the surrounding area.
And upmarket supermarket brands can boost nearby house prices even more. At an eye-watering £38,666, homes within easy reach of a Waitrose branch can command the highest price premium.
According to Lloyds Bank's research in England and Wales, other supermarket chains that can drive significant premiums include:
•Marks & Spencer: £27,182
Why is this happening?
Good transport links and schools as well as low crime are typically at the top of a buyer's wish list when searching for a new home.
And Lloyds Bank suggests that proximity to supermarkets is also a priority, with significant premiums attached to convenience.
Mike Songer, Lloyds Bank mortgage director, said: “Of course, there are many other drivers of house prices beyond having a supermarket on your doorstep, but our research suggests that it is a strong factor."
Who does it affect?
At £476,738, buyers in Chiswick, west London – home to a Waitrose, Sainsbury’s and Marks & Spencer – can expect to pay the highest average house price premium when compared with the surrounding area.
The typical property value in the leafy neighbourhood is £961,564 – almost DOUBLE the average for the wider area of Hounslow (£484,826).
And outside southern England, buyers in the Cheshire town of Wilmslow will have to fork out an average £277,028 premium. Waitrose, Sainsbury’s, Marks & Spencer, Tesco and Lidl are all located in the town.
Sounds interesting. What’s the background?
The supermarket ‘bounce’ is not restricted to homes near a Waitrose, Sainsbury’s or Marks & Spencer store. Discount chains, including Lidl and Aldi, can also boost house prices in the neighbourhood, with an average premium of £3,926 and £1,333 respectively.
Article taken from http://www.zoopla.co.uk/discover/property-news/homes-close-to-well-known-supermarket-command-22-000-house-price-premium-says-lloyds-bank/#Ah6JDctoCvkseE6e.99