Homes in areas closer to supermarkets command a premium according to Lloyds Bank
New research from Lloyds Bank has found that homes within easy reach of a local supermarket are, on average, £21,512 higher than in nearby areas.
Areas close to budget supermarkets have seen biggest house price rises, with growth of 11% in 3 years.
House prices near a Waitrose typically cost £36,480 more than in the wider area.
Properties near a Lidl now at an average premium of £6,416; compared to a discount -£4,719 in 2014.
House prices close to an Aldi, Lidl, Morrisons or Asda have grown by an average £21,400 or 11% since 2014.
Andy Mason Lloyds Bank mortgages director, commented:
“With homes in areas close to major supermarkets commanding a premium of £22,000, the convenience of doing weekly shopping within easy reach may well be a pull for many homebuyers looking for good access to local amenities.
“The ‘Waitrose Effect’ is clear; having a premium brand on your doorstep means buyers typically need to pay top prices. But the research also shows that areas with ‘budget’ stores have, on average, seen the most rapid house price growth in recent years.
“There has been some suggestion that the likes of Lidl and Aldi are increasingly locating in more affluent areas where prices are already relatively high. Indeed, in 2014 house prices in areas with a Lidl were, on average, £4,700 lower than in neighbouring areas; today they are £6,400 higher.”
Read the recent Lloyds Bank news release 29th May 2017 in full click here.