Having a Waitrose nearby can add an average of £38,666 to your house price, according to research by Lloyds Bank. House prices near the supermarket chain, a favourite with the aspirational middle class, are as much as 10% higher than the average of the wider area in which it is located.
Having any supermarket near your property will add an average of £22,000 to the value, said Lloyds, though this is correlation not causation. Homes near Waitrose were worth the most. At the other end of the grocery market, the supermarket chain which saw the lowest price uplift in local values was Aldi, which added £1,333, or 1%, on average to nearby house prices.
"Our findings back-up the so-called 'Waitrose effect'," said Mike Songer, mortgage director at Lloyds Bank. "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."
Lloyds Bank research on average house price premiums by nearby supermarket
|Supermarket||Avg house price uplift (£)||Avg house price uplift (%)|
|Marks & Spencer||27,182||9|