A nearby Waitrose can increase house prices by 12 per cent, report claims
04-22-2015
By Dorking Advertiser
By Alexander Robertson alexander.robertson@essnmedia.co.uk
POPULAR: A report claims houses prices are lower near supermarkets such as Lidl in Vincent Lane, Dorking Photo by Kevin Shaw
A REPORT has claimed that living near to a Waitrose store can increase the value of your home by as much as 12 per cent – while being located near a Lidl could actually see it decrease.
Lloyds Bank has claimed that prices of homes "within easy reach" of a national supermarket store such as Sainsbury's, Tesco or Marks & Spencer are typically more than £18,000 higher than those that aren't.
Those living next to the Co-operative, Iceland or Morrisons can also expect an inflated property price. However, being situated next to a Lidl or Aldi can see it fall by 2 to 3 per cent.
The findings will come as good news to most residents of Dorking, which is served by Waitrose, Sainsbury's, Tesco, Marks & Spencer and Lidl.
However, the report's findings are confusing for some, such as Vincent Road resident Marvin Coswick, who lives within a short distance of both Waitrose and Lidl, with Sainsburys not much further away.
He said: "We are situated pretty much in between a Lidl and a Sainsbury's so it is hard to make head or tail of what that means for my house value.
"I suppose it will depend on what half of the road you live on, myself being closer to Lidl, which I am more than happy with – it's a great supermarket."
Lloyds Bank compared the cost of homes in postal districts that have a national supermarket with property prices in the surrounding areas of towns, using Land Registry house price figures.
It found that, on average, house prices in areas near a supermarket are about 7 per cent – or £15,331 – higher than in areas in the same town not near one.
The typical price of a home near a Waitrose is around £38,831, or 12 per cent, higher than the price of a property in another area.
The report further claims that homes close to a Sainsbury's carry a 10 per cent price premium, while those near Tesco carry an 8 per cent premium.
Lloyds Bank mortgages director Andy Hulme said: "It's easy to assume the effect of different factors on the value of a property but this research enables us to clearly see that there is a significant association between the convenience of a local supermarket and house prices.
"With homes in areas close to national supermarkets commanding an average of over £15,000 more than those in the surrounding areas, having a grocery shop within easy reach appears to be high on the list for home buyers looking for good access to local amenities."
www.dorkingandleatherheadadvertiser.co.uk