The Waitrose effect? Here's how much living near a supermarket adds to the price of your house

 
Lynsey Barber
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Being near a supermarket commands a premium on property prices (Source: Getty)

While good schools, leafy streets and low crime are all factors when choosing where to live, supermarkets could be another key indicator when it comes to house hunting.

Homes near a supermarket command a premium of more than £21,000, research from Lloyds Bank reveals, when compared with the rest of the area.

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And it's middle England favourite Waitrose that commands the highest at £36,480, followed by high street stalwart Marks and Spencer at £29,992.

But it's homes near to budget supermarkets which were found to have risen more: properties near to Lidl, Aldi, Morrisons and Asda have increased 11 per cent over the past three years.

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"With homes in areas close to major supermarkets commanding a premium of £22,000, the convenience of doing weekly shopping within easy reach may well be a pull for many homebuyers looking for good access to local amenities," said Lloyds Bank mortgage director Andy Mason.

“The ‘Waitrose effect’ is clear; having a premium brand on your doorstep means buyers typically need to pay top prices. But the research also shows that areas with ‘budget’ stores have, on average, seen the most rapid house price growth in recent years."

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