Living near Waitrose could increase house prices by nearly £40,000

·2-min read
Waitrose voted best UK supermarket
Waitrose voted best UK supermarket



It turns out that living near a Waitrose may not only be handy for the weekly shop but it could also boost the price of your house by as much as £38,831.

And it's not only Waitrose that has got the cost of homes soaring, Lloyds Bank have compared the house prices in areas which have national supermarkets such as Sainsbury's, Tesco, Marks and Spencer and the Co-operative.

The research found that house prices were, on average, 7% higher in areas that had a supermarket, this equates to a £15,331 difference in some cases, the Telegraph reports.

Using house prices from the Land Registry, the research also discovered that living near a Waitrose store will make the most difference.

The average house price of a residential property near one of the middle-class supermarkets is £38,831, which is around 12% higher than other houses in the area.

However, the opposite effect is had on houses near an Asda or close to cut-price supermarkets, Aldi and Lidl, the Mirror reports.

According to the figures, homes close to Aldi suffer a 3% drop in value, which equates to an average loss of £5,910.

The data also considers places that have the highest house price premiums compared to the local area.

Chiswick, which is home to a Waitrose, a Sainsbury's and a Marks and Spencer was found to have the highest average house price premium with houses costing on average £918,287, £495,601 more than the average property price in the borough of Hounslow.

Moving further north, residential properties in Didsbury, Manchester, which is home to an Aldi, Co-op and Tesco, cost on average £239,595 which is a surprising 61% (£91,096) more than other houses in the area.

Lloyds Bank mortgages director, Andy Hulme, said: "With homes in areas close to national supermarkets commanding an average of over £15,000 more than those in the surrounding areas, having a grocery shop within easy reach appears to be high on the list for homebuyers looking for good access to local amenities."


More on AOL Money:

Young giving up on dream of homeownership

One bed flat on sale for £2.65 million

Is this Scotland's biggest house price cut?

Prime Minister Considers Help to Buy Changes as House Prices Rise
Prime Minister Considers Help to Buy Changes as House Prices Rise
Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting