11 Aug 2016
Living near posh supermarket Waitrose could add tens of thousands of pounds to the value of your home, according to a new study.
New research has found that living close to a well-known supermarket chain can add an average of £22,000 to the value of your home.
The report from Lloyds Bank also reveals that premium brands can add even more to nearby house prices, with properties close to a Waitrose store receiving an average boost of £38,666 (or 10%) higher than the wider town in which they are located (£425,428 vs £386,763) – the highest amongst the national supermarkets.
In addition to Waitrose, properties near a Sainsbury’s, Marks and Spencer, Tesco or Iceland also command the highest house price premiums - Sainsbury’s (£27,939), Marks and Spencer (£27,182), Tesco (£22,072) and Iceland (£20,034).
The lowest house price premiums are in areas with an Asda (£5,026), Lidl (£3,926) or Aldi store (£1,333).
Mike Songer of Lloyds Bank said: "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.
"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.
"Of course, there are many other drivers of house prices beyond having a supermarket on your doorstep, but our research suggests that it is a strong factor."
Central heating and double glazing top UK homebuyers’ list of ‘must-have’ property features, perhaps due to the British climate and energy prices.
A good energy efficiency rating and cavity wall insulation are also highly-rated features.
Homebuyers also rank a good, reliable broadband connection and mobile phone signal over highly-rated local schools and properties with period features.
Dougie Telfer, Partner at Aberdein Considine, said the survey reflects changing attitudes among buyers.
“This shows the pragmatic approach many people now take to finding a new home,” he said.
“As the cost of living continues to rise, more and more people are putting things like good insulation and heating at the top of their list.
“It is clear from this survey that homes with a good bathroom are attractive to buyers. Connectivity is also becoming increasingly important as smart phones and smart TVs change the way we access entertainment.
“Access to good local schools is also an essential factor in buying a new home. For many of the clients I deal with, this is still of paramount importance.”
Aberdein Considine is offers a complete property buying, selling, leasing and mortgage service across Scotland, including the cities of Aberdeen, Edinburgh, Glasgow, Perth and Stirling.
If you would like to speak to one of our property experts, call 0333 0066 333 or click here.