by Mark Johnston
Are you one of the lucky ones out there that have managed to find the perfect new home, got a mortgage on a great rate and are ready to move in? Or are you still searching the net and pounding the streets going from estate agent to estate agent looking for your own little corner of the world to call your own?
Well if that’s you, a new study released by property website zoopla.co.uk might be able to help you. The research by Zoopla has revealed that you should pay more attention to the street name of the property you are looking at, and not just the area and neighbours.
The zoopla research has shown that choosing the ‘street’, ‘road’ or ‘avenue’ where you buy your next home may well have a significant effect on the current or future value of your home.
The property website zoopla who carried out the research provides free value estimates for UK properties. Zoopla found that the highest value properties in the United Kingdom can be found on a ‘Hill’ where property prices are well above the national average at a staggering £341,000. ‘Lane’ comes a close second where the average value is just under the £330,000 mark. For those of you looking at property on ‘Mews’ the average is around £295,000 whilst ‘Park’ just tops ‘green’ at £283,000 and £269,000 respectively.
For those looking at the more affordable end of the spectrum, the average price for a property with ‘street’ in the address is £155,000 which is well below the national average and certainly under half of that of a property with ‘Hill’ in the address. ‘Terrace’ came in around the same mark at £156,000. ‘Crescent’ (£180,000), ‘Court’ (£178,500) and ‘View’ (£184,500) all ranked low against the national average.
144,000 addresses have the name ‘road’ in them, making it the most common address in the UK. Mortgagerates.org.uk were surprised to see ‘Close’ being the second most common with 98,700 addresses whilst ‘Street’ has 58,637 spread across the United Kingdom. The Zoopla research revealed that there are three times as many ‘Roads’ as ‘Avenues’ and three times as many again ‘Avenues’ as ‘Terraces’.
Zoopla also looked at specific road names, some of the most common were church or chapel although they also ranked as some of the highest valued. So if you are looking at a new home on ‘church lane’ you are probably going to be paying around £360,000 which is well over the national average of £217,000. Other names that seemed to have a positive impact on property values include ‘school, ‘green’ and ‘mill’.
Topping the most common lists are road names such as high street and station road but whilst the names are common (around 4,500 of them) the value is still high as they are usually near the local services which their name derives from.
Whilst this is not something that mortgagerates.org.uk have paid much attention to in the past, we think its well worth considering when looking to invest. Its clear that some names do have an impact on house prices and exclusivity so keep an eye out on you next visit to the estate agents.
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