Waitrose boosts property prices by 12% while Aldi causes prices to drop

Properties within easy reach of a Waitrose supermarket can command a 12% higher price than similar properties in other areas: £38,831 more on average.

According to research from Lloyds Bank, houses close to supermarkets enjoy, on average, a 7% higher price than similar properties in the same town.

Lloyds compared the average house prices in postcodes that have a nationwide supermarket to those that do not.

Houses close to the upmarket grocer Waitrose were the most expensive, but properties close to a Tesco and Sainsbury's were valued 8% and 10% higher, respectively, compared with to other houses in the town.

House hunters searching for a cheaper property in their area that is still handy for a supermarket might want to look nearby an Asda, an Aldi or a Lidl. Living near an Aldi, for example, can take off almost £6,000 from property values.

Lloyds' research showed that living near an Aldi, can knock £6,000 from property values.

People like to live near shops

Andy Hulme, Lloyds Bank mortgages director, 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 homebuyers looking for good access to local amenities."

The research concluded that the houses with biggest supermarket premium were in the West Midlands where homes had an average Waitrose boost of 37%, the North West where there was a 33% premium, and London with a 14% boost.