This one simple thing could add £40,000 to the value of your home

LIVING near a Waitrose could add £40,000 to your home's value, according to new research.

But don't worry, if you live near any supermarket chain it can push up the price of your home.

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Lloyds Bank compared average house prices in postal districts with a supermarket from a national chain with typical property values in the wider towns to calculate the price premium paid for homes located near supermarkets.

The research covered homes across England and Wales.

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It found that living near any supermarket chain could add around £22,000.

But homes near a Waitrose are worth £38,666 or 10% more typically than those in the surrounding area.

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Properties near a Sainsbury’s or a Marks & Spencer command a premium of around £27,000, while those near a Tesco are worth around £22,000 more than homes in the wider area.

Homes near an Asda are worth around £5,000 more than those in surrounding locations, while thosenear an Aldi are valued at around £1,300 higher than homes in the wider area.

Mike Songer, Lloyds Bank mortgage director, said: “Our findings back-up the so-called ‘Waitrose effect’.

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“There is definitely a correlation between the price of your home and whether it’s close to a major supermarket or not.

“Our figures show that the amount added to the value of your home can be even greater if located next to a brand which is perceived as upmarket.

“Of course, there are many other drivers of house prices beyond having a supermarket on your doorstep, but our research suggests that it is a strong factor.”