New research has found that a house's proximity to an Aldi store could have a significant effect on its value.
My Home Move’s new research has found that house prices rise by up to £5000 one to three months after an Aldi outlet opens nearby.
Dubbed the “Aldi Effect” the results challenge a Lloyds Bank study in which it said the “Waitrose Effect”, or proximity to a luxury brand outlet, could add up to £40,000 to the value of a house.
However, affluent areas such as Chipping Norton have seen a 133 per cent rise in house prices since an Aldi was established in the area.
“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,” My Home Move chief executive Doug Crawford told The Sun.
These results come amid an increasingly intensive price war between the leading supermarkets, aiming to claw back some market share lost to Aldi and Lidl.
The findings suggest that demand for the discount retailers is growing beyond the high street and is likely to see further competition.