Homes near Waitrose sell for more

June 2, 2017 by Brendan O'Neill

Property Market

According to a recent study, homes located close to a supermarket sell for a higher premium, averaging around £22,000 extra.

The study, by Lloyds Bank, shows that houses which are within easy travelling distance of a supermarket are worth on average £21,512 more. Houses close to a Waitrose supermarket command the highest premium, at £36,480 extra, which has been dubbed the ‘Waitrose effect’. Properties which are within the vicinity of a https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpgs & Spencer store have the second highest premium, commanding £29,992 more than homes further away.

The study looked at house prices in areas in England and Wales where there was a supermarket, compared with the average property prices in the wider area, to find the premium paid. The research also found that it wasn’t only homes located close to a premium brand, like Waitrose, but also those near to a discount store.

Lidl adds £6,416 to the value of a property, although living close to Aldi stores may result in the property being worth £2,902 less than surrounding areas. This may be useful for those buyers who want to be close to a supermarket, but want to pay a little less for their home.

The mortgages director for Lloyds Bank, Andy Mason, says that the results of the study suggest that convenience may be the main reason behind why buyers may be looking at properties located close to local amenities such as a supermarket.

Many factors can have an impact on property prices, which is something that a CeMAP qualified mortgage adviser should be able to help with.