Step aside Waitrose, there's a new supermarket affecting British property prices. The "Waitrose effect" is famous for adding nearly £40,000 onto house prices and a new study has found that Aldi is also giving property prices a boost, with prices jumping by £5,000 on average within weeks of a store opening.
Aldi is the sixth largest supermarket chain in the UK in terms of market share and is well known for its low prices on luxury continental items like charcuterie, cheese and olives. The German company plans to open 80 new supermarkets across the country this year. Of the 11 that opened between January and April, the majority of locations saw a jump in property prices. The highest was in Chipping Norton, where prices rocketed by 130%. The supermarket chain is planning to open an additional 70 stores across the UK after announcing record sales, so an Aldi could be opening near you very soon.
How to benefit from the Aldi effect
You can use Aldi's website to find your nearest store. If there isn't one near you already, keep your eye on local news to find out if the firm's plans for expansion include your town. If plans for a new Aldi are in the pipeline, you should mention this in your property listing and during viewings. You should also find out how long it takes to reach the nearest Aldi (can you do it on foot, or do you need a car?) and mention this to potential buyers too. The same advice applies to Waitrose, of course.
What to do if you don't have a nearby Aldi
Just under a third (32%) of UK house buyers choose a property that's near shops and amenities. While Waitrose and Aldi are famous examples of stores with price boosting powers, it's likely that buyers will be interested in properties with convenient access to any supermarkets. When you're writing your listing to sell your house online, mention how easy it is to get to your local shops. As well as small supermarkets within walking distance, you should also mention superstores within half an hour's drive and any local farmers' markets.