In past articles we have written about different factors that can add premiums to property prices, including living in close proximity to transport links and parks. Research released by Lloyds Bank shows that another factor that can add considerable value is being close to a supermarket.
The trend is being referred to as the “Waitrose effect” because homes in areas close to one of their supermarkets saw premiums of £36,480 on average. Marks & Spencer came second on the list, with properties enjoying an average premium of £29,992. Even discount brands like Lidl can influence values, although to a smaller degree.
The big reason why living within close proximity to a supermarket is a good selling point is the convenience. It gives people easy access to groceries and a wide array of other essentials. This can provide big time and fuel savings by reducing the distance people need to travel to do their shopping.
It is not surprising that the “premium” brands provide the highest premiums. After-all they tend to be based in more desirable locations from the outset, including city centres and popular areas. Homes in these settings tend to have a higher price tag.
When looking for properties in the future you may not instantly think about how close they are to a supermarket but it could be a factor that influences the price you have to pay. It is certainly worth at least a little consideration.
At Finefair we offer a myriad of services, including being the leading provider of estate management Ealing has to offer. We always look for factors that have an impact on the property market. That way we can offer the best advice to our clients, helping them to choose the right home in the correct area for them. It also means we can provide a much better level of service when we are managing properties.
If you have any questions for us please get in touch. We are here to help whenever you need it.