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Shopping around seems an obvious tip when buying property, but what about buying near a shop?

Saturday 30 July 2016

According to a retail report, snapping up a home near to a major supermarket can really boost the price of a property up to an eye-catching £38,666 on average.

That is of course, if you buy a home close to a Waitrose - often regarded as the most upmarket chain of food stores.

The study by Lloyds Bank showed that property value if you live within close proximity to Waitrose can add 10% to the value to your home, which is close to £40,000 in average terms.

Sainsbury's came second, which could put on an average £29,939 to properties compared to those further away from the store.

Marks & Spencer came in third with £27,182, Tesco followed with £22,072 and then Iceland with £20,034. 

At the opposite end, Aldi would just add £1,333 to the value, followed by Lidl with £3,926 and Asda with £5,026.

The stats support what has been dubbed the 'Waitrose effect'.

Lloyds Bank's mortgage director, Mike Songer, said: "There is definitely a correlation between the price of your home and whether it’s close to a major supermarket or not.

"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." 

The increases of property prices vary from region to region, with the North West benefiting more than others with an average £73,629 added to the prices.

The West Midlands was second with prices £57,539 higher, Yorkshire and the Humber (£36,376) and the South East (£31,681). 

However, there are far fewer Waitrose supermarkets in the north of England compared to the south, it is certain to make it a more exclusive shop.

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