Homes situated close to discount supermarkets have been commanding up to £5,000 more - as househunters are keen to settle down near the bargains.

Those properties which are near to Aldi supermarkets have noticed their rocketing value within three months of a store opening, according to new research.

Termed the 'Aldi effect', it's seen a price surge on properties in almost all the locations of new stores.

Even swanky Chipping Norton - where former Prime Minister David Cameron famously rubbed shoulders with the likes of Jeremy Clarkson and Rebekah Brooks - saw prices soar by 133% following the German supermarket giant's arrival.

The research, from My Home Move , is a counterpoint to the so-called 'Waitrose effect', where a study from Lloyds Bank suggested proximity to the luxury brand's stores could help to add nearly £40,000 to the value of a home.

The study shows that homebuyers may be seeking cheaper groceries with their new property (
Image:
Evening Gazette)

Doug Crawford, chief executive of My Home Move, said that locations such as South Ruislip, Billingham and Poynton have benefited from the Aldi effect.

He told The Sun : “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.

He added: "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.”

Aldi has more than 620 stores in the UK and Ireland and the study considered 10 new openings

Aldi has more than 620 stores in the UK and Ireland and the study considered 10 new openings.

Aside from Reading, the other 10 locations which My Home Move studied saw home values increase between 1% and 133%.

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