Aldi supermarket predicted to add £5,000 to property values in Welwyn Garden City
PUBLISHED: 09:46 21 September 2016 | UPDATED: 09:46 21 September 2016
The new Aldi in Welwyn Garden City will add £5,000 to local property values, according to mover conveyancing service provider My Home Move.
The store will open on the east side of Bessemer Road by early 2018, creating around 50 jobs.
Research by My Home Move has discovered that the opening of a new Aldi supermarket can add £5,000 to the value of local homes, when compared to the national average increase in property prices.
Aldi, which is the UK’s sixth largest supermarket chain, planned to open around 80 stores across the UK in 2016. Of the 11 stores that opened between February and April, nearly all locations saw an increase in property values, with prices in Chipping Norton rocketing by 133 per cent.
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 abonut 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.”
The research compared the average house price for the three months prior to a new store opening, to the three months after.
Of the locations analysed only Reading saw a decrease in property prices, with the other 10 locations seeing home values increase.
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