Hennessy Bowie Solicitors News
Hennessy Bowie & Co has been practising in Bishopbriggs for some twenty five years, principally in the areas of domestic conveyancing, commercial conveyancing, commercial leasing, executries and matters relating to care for the elderly,
Living near a Supermarket Adds Value to your Home
An interesting piece of research released recently by Lloyds Bank has revealed that living close to a well-known supermarket chain can add as much as £22,000 on average to the value of your home.
This price increase can apparently be even higher when the property is located near to a supermarket perceived to be a ‘premium brand’, with properties close to a Waitrose store receiving an average boost of £38,666 (or 10%) higher than the wider town in which they are located – the highest amongst the national supermarkets.
In addition to Waitrose, properties near a Sainsbury’s, Marks and Spencer, Tesco or Iceland also command the highest house price premiums - Sainsbury’s (£27,939), Marks and Spencer (£27,182), Tesco (£22,072) and Iceland (£20,034).
At the other end of the scale, the supermarkets associated with the lowest house price premiums include Asda (£5,026), Lidl (£3,926) or Aldi stores (£1,333).
"Our findings back-up the so-called ‘Waitrose effect’,” explained Mike Songer, Lloyds Bank Mortgage Director. “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," he added.
For advice on buying or selling your home in Scotland then contact our expert property lawyers today.
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