Are you selling a property that is close to a supermarket? Well, you’re in for a treat!
New research from Lloyds Bank shows that living near any well-known supermarket chain can add an average of £22,000 to the value of your home.
The report also reveals that being close to an upmarket chain like Waitrose is known to boost property prices by nearly £40,000. In addition to Waitrose, properties close to a Sainsbury’s, Marks and Spencer, Tesco or Iceland also command the highest house price premiums – Sainsbury’s and Marks & Spencer (£27,000), Tesco (£22,000) and Iceland (£20,000).
It is not just the “premium” brands that can add value to a nearby property. Living near discount supermarket like Lidl can add £4,000 to your home’s value.
“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,” said Mike Songer, Lloyds Bank, Mortgage Director.
It is clear that home buyers should expect to pay significantly more for their new home if they wish to have a supermarket on their doorstep. However, there are many other factors in determining house prices other than having a supermarket on your doorstep, but according to Lloyds Bank findings, it is an important thing to consider when selling and buying a property.
If you’re thinking of selling your home, call us now on 0131 524 9797.
Source: Lloyds Bank