Living close to a supermarket can boost the value of your home by £22,000 on average, new research from Lloyds Bank has found.
But if you live near a Waitrose, your home could be worth £38,666 more than equivalent houses in a similar area without a branch of the upmarket food store.
Lloyds Bank compared the value of houses in a postal district with a supermarket to houses in nearby areas without one, according to The Telegraph.
“Our findings back-up the so-called ‘Waitrose effect,'” Mike Songer, mortgage director at Lloyds Bank said in a press release. “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,” he added.
The study also found that properties near a Sainsbury’s or Marks & Spencer have their value boosted by £27,939 and £27,182 respectively.
Houses that are close to less expensive supermarkets experienced a slight increase in value, but the effect is dramatically reduced.
For example, if your home is situated near a Lidl store it can be up to £3,926 more valuable, while being on the doorstep of an Aldi adds just £1,333 to your property value.
Effect of each supermarket on house value:
10. Aldi — £1,333.
9. Lidl — £3,926.
8. Asda — £5,026.
7. Morrisons — £10,558.
6. Co-op — £17,904.
5. Iceland — £20,034.
4. Tesco — £22,072.
3. Marks & Spencer — £27,182.
2. Sainsbury’s — £27,939.
1. Waitrose — £38,666.