What’s in a name?
When you go looking to buy a property, there are many things you want to take account of. Are there enough bedrooms? What are the transport links like? Are there the right local amenities, schools, parks to meet your requirements?
However, most of us don’t take much notice of the actual street name. That might be a mistake, as new research has shown.
Hills and Lanes
A study by property website Zoopla has found that the highest valued properties in the UK are found on streets with ‘Hill’ in the name, where the average price is a whopping £341,466 – well over 50% more expensive than the average price of a property in the UK, which stands at £218,705 according to Zoopla’s Zed Index.
Being based at the top of the hill was desirable back in the medieval days for tactical reasons, and clearly even in the 21st Century it holds a certain allure! However, you can also expect your home to be worth in excess of £300,000 if you live on a ‘Lane’. According to Zoopla’s research, homes on Lanes are worth an average of an impressive £328,378.
Other names making up the top five include Mews (£294,869), Park (£283,069) and Green (£269,861).However, if you fancy nabbing a bargain, buying a property on a ‘Street’ might be a good idea – the average property found on roads with that name cost just £155,515, less than half what you would be forking out to buy on a Hill!
Another budget street name to look out for is ‘Terrace’, which boasts an average value of £156,387, while ‘Crescent’ (£176,942), ‘Court’ (£178,488) and ‘View’ (£184,546) also present some cracking opportunities to snap up a brilliant deal on a property.
Oh how common...
So why is there such a big difference in price between the various street names? One theory is that streets with more exclusive and rare names will be worth more, while the common street names don’t really add to their locale’s attractiveness.
However, the results from Zoopla don’t completely support this. For example, while Mews and Hill are two of the least common location names within the top 20 that Zoopla has compiled, with 4,825 and 6,838 streets respectively, Lane – with an average value of a monster £328,378 remember – is the fifth most common, with 45,058 separate streets carrying the word as part of their name.
Just to reinforce that this theory doesn’t really hold weight, the least common of the top 20 street names, ‘Square’, with just 3,859 streets, boasts an average value of £220,485, barely above the national average.