Has your home got the Aldi effect?
Is your nearest supermarket an Aldi? It could be doing more than just saving you money on your groceries...
New branches of the supermarket add an additional Â£5,000 to local property values within months of a store opening, compared to the national average, research has revealed.
The study, carried out by My Home Move, also showed that 32% of home owners choose their property based on its close proximity to local shops and amenities.
Aldi is now the UK’s sixth largest supermarket chain - and planned to open around 80 stores across the UK this year.
Of the 11 stores that opened between February and April, nearly all locations saw an increase in property values.
Prices in Chipping Norton, David Cameron's then constituency, went up by 133%.
Doug Crawford, CEO 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 homebuyers 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 maybe that consumer demand has now been met.”