Living near Lidl can add £4,000 to the value of your home
Research shows that living near any supermarket chain can push up the price of your house
LIVING near discount supermarket Lidl can add £4,000 to your home’s value, a study has found.
Being close to an upmarket chain like Waitrose is known to boost property prices by nearly £40,000.
But research has also shown that living near any supermarket chain can push up the price.
Lloyds Bank compared average house prices in postal districts with a supermarket from a national chain with typical property values in the wider towns to calculate the price premium paid for homes located near supermarkets.
The research covered homes across England and Wales.
It found that living near any supermarket chain could add around £22,000.
But homes near a Waitrose are worth £38,666 or 10% more typically than those in the surrounding area.
Properties near a Sainsbury's or a Marks & Spencer command a premium of around £27,000, while those near a Tesco are worth around £22,000 more than homes in the wider area.
Homes near an Asda are worth around £5,000 more than those in surrounding locations, while thosenear an Aldi are valued at around £1,300 higher than homes in the wider area.
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.
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"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.
"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."
