Research from Lloyds Bank has found the average house price in areas within easy reach of a local supermarket is around 7% higher than other areas in the same town that don’t.
The difference, typically £15,331, has been identified by comparing average prices in postal districts that have branches of national supermarket chains to values in the wider post town.
Properties in areas with a Waitrose, Sainsbury’s or Tesco were most likely to command the highest increases. The average price premium for properties within easy reach of a Waitrose is 12%, Sainsbury’s 10% and Tesco 8%.
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 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.”
Regionally the greatest price boost aligned to a supermarket presence is in the West Midlands, where areas with a local Waitrose commanded an average of £66,130 more than the surrounding town.
This was followed by the same supermarket in the North West, delivering a 33% boost and then London, such as the one in Canary Wharf, with a 14% rise.