Living near an Aldi store adds a whopping £5,000 to your house price within THREE months of shop opening

HOUSES with budget supermarket Aldi on their doorsteps have seen their values rise by £5,000 within THREE months of the stores opening.

According to new research, the ‘Aldi effect’ has boosted property values in nearly every location where the low-cost brand has opened a new shop – including the exclusive Chipping Norton, previously home to former Prime Minister David Cameron, which saw prices surge by a colossal 133%.

The new study by My Home Move, the UK’s leading provider of mover conveyancing services, looked at the house prices three months before and three months after the stores opening and compared them to the national average.

Aldi, which is the UK’s sixth largest supermarket chain, planns to open around 80 stores across the country through out 2016.

Doug Crawford, chief executive of My Home Move said: “Our own research has shown that a third of home movers chose their new property based on its proximity to shops and local amenities – and as such we are not surprised that the recent popularity of Aldi, with its cheaper lines and award-winning products, has had a positive effect on the value of local homes.

“A few years ago people were talking about the Waitrose effect, but today it seems home buyers are choosing to take the ‘swap and save challenge’ to heart, as locations such as South Ruislip, Billingham and Poynton have increased in popularity.

“The only exception in our research was Reading, where prices have dropped – but with three stores within a two mile radius of the city centre it may be that consumer demand has now been met.”

Reading was the only location which saw a decrease in property prices, with the remaining ten locations seeing home values increase between 1% and 133%.

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