Living next to certain supermarkets could add more than £20,000 to the value of your home
PUBLISHED: 13:00 11 June 2018 | UPDATED: 19:14 11 June 2018
It seems you ‘live well for more, not less’ if your house is situated close to a top supermarket - with the likes of Sainsburys, Waitrose and Marks & Spencer adding on average more than £21,000 to the price of a property, new research shows.
It seems every little really does help...to sell your house.
Living near a supermarket adds an average premium to the price of a home of £21,500, but it does depend on which brand, new research has found.
Homes situated close to Tesco, for example, command £21,369 more than other houses closely followed by the Co-op at £21,020 and Iceland at £17,445.
But, unsurprisingly, Waitrose and Marks & Spencer attract the biggest premium; on average homes near a Waitrose command the biggest value add-on, costing an average of £43,571 or 12 per cent more than average.
This is closely followed by Marks & Spencer with a premium of £40,135 and Sainsbury’s at £32,707.
Interestingly, not only do the posher supermarkets add value, but the ‘budget’ supermarkets are also helping to raise prices - and in fact are seeing a bigger increase in property prices than their more high end equivelants, according to the analysis from Lloyds Bank.
Over the past four years average house prices in localities with an Aldi grew by 20 per cent, from £178,809 to £213,765.
The largest rise over the past year attached to living within walking distance of a supermarket is Marks & Spencer which has seen prices increase by £10,143 from £29,992 to £40,135. By comparison, the price premium near a Waitrose has grown by a relatively modest £7,000 in the past year.
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 per cent, or £30,580.
Other areas with a supermarket chain to record the fastest price growth in the past four years include those with a Co-op, up 16 per cent from £224,679 to £259,969, and Morrisons up 14 per cent from £203,756 to £233,261.
Homes near a Lidl are also worth £5,411 more than other properties in the nearby area.
Jonathan Wood, manager of Sowerbys in Norwich, said there were many factors to consider when valuing a house but that homes situated close to Waitrose in Eaton, such as a house on their books on Bluebell Road, for sale for a guide price of £475,000, for example, commanded around 10 per cent more in value.
“With lifestyles becoming ever busier, demand for easy access to shops and amenities is top of the list when searching for a new home and we as estate agents, always emphasise being in walking distance of Waitrose, for example, in the proeprty details.”