Does the name of your road affect property values? - Mortgages - News - Moneyfacts

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Does the name of your road affect property values?

Does the name of your road affect property values?

Category: Mortgages

Updated: 27/01/2016
First Published: 27/01/2016

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

We all know the importance of location when choosing a home. Not only do prices vary according to the region or county, but different parts of the same city can have drastically different prices, too, with things like catchment areas and city/country boundaries all making a difference. But did you know that something as simple as a street name can have a marked impact on prices?

Strange but true

Zoopla has investigated and has found that, surprisingly, the name of your road really can affect the price of houses on it, with certain street names being far more lucrative than others. For example, properties located on 'Warrens' are worth an average of £607,267 – nearly 73% higher than the national average house price of £282,978 – while the second-most expensive addresses can be found on a "Chase", where the average home tots up to £482,867.

At the other end of the scale, properties located on "Streets" were found to be the least expensive, with the typical home being valued at £184,722, less than two-thirds of the national average. Other names with the lowest average property values include "Court" (£190,851) and "Terrace" (£194,403), while a royal connection can also have an impact – but perhaps not always in the way that you may think.

For example, homes on "King" (£299,572) or "Prince" (£279,593) related roads are worth more than those with "Queen" (£249,295) or "Princess" (£180,249) in their name, but it's interesting to note that only "King" properties are worth more than the national average.

Names of royal monarchs can also make a difference, with streets named "Elizabeth" topping the list of the most expensive royal-related locations, with an average house price of £291,681. However, other members of the royal family don't fare so well, with streets including the name "George" (£249,768), "Charlotte" (£167,076), "William" (£143,762) and "Catherine" (£142,799) all having house prices below the national average.

Those without a royal connection will be pleased to know that their homes are still valuable by comparison, with by far the most common residential location being "Road", which has an average property value of £293,403.

"The saying goes that the three most important factors in buying a house are location, location, location; our research shows that even the road name you choose can make a difference to how much you can expect to pay when finding a property," said Lawrence Hall of Zoopla. "Where a 'Warren' might appeal for those looking for exclusivity, 'Streets', 'Courts' and 'Terraces' could offer more affordable options."

What next?

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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