When considering the purchase of a property there are a number of variables to consider; how many bedrooms you need, if there are good schools in the catchment area and what the local amenities are to name but a few. However, it seems that there is one aspect which should also now be taken in to account – street name. Recent studies have shown that the name of the road which you live on can have an impact upon the value of your property – so the old adage of “location, location, location” may be even more accurate than ever previously considered when buying a home.
The regal touch
Streets with regal names such as Royal, Palace, Lord and Bishop can boost the value of your home – showing that royal prestige extends well beyond Buckingham Palace. Nearly 10% of house-hunters surveyed are willing to pay more for a property with a regal suffix, with 8% prepared to pay up to an enormous £30,000 more. This perception of prestige clearly has an impact on the price of a home and the overall appeal to buyers – so think carefully when browsing through all those homes for sale and don’t just consider their curb -appeal, but also their catalogue blurb-appeal.
The house on the hill
Aside from the prestige of the monarchy, it seems that certain road names also exert a hypnotic appeal upon buyers with properties on “Hills” and “Lanes” worth 50% more than the national average. Naturally, when you consider a hill or a lane there is the image of peace and tranquillity, which could be a contributing factor in their popularity amongst buyers. On the other hand, properties with “Street” or “Terrace” in their address are amongst the least expensive in the UK, perhaps because of the frequency of these names and as such, a perceived lack of exclusivity.
Bishop’s Hill or High Street?
Property buyers are a discerning bunch, with never-ending lists of requirements, and it would seem that a new addition to this list is an “exclusive” sounding address with many prepared to pay a premium for a premium-sounding address. This preparedness to pay for the privilege of living on “Royal Way” or “Hill Lane” however is split regionally – with those in London 24% more likely to pay extra for an address when compared to those in the North East. Perhaps, then, it is the high prices of the capital city and the greater level of investment it takes to buy in London which can woo buyers into spending just that little bit more – a premium-sounding address to reflect the premium cash outlay required to buy their property.
Fife Properties Managing Director, Jim Parker commented: ‘It is amazing how a simple a thing such as a street name can make a fundamental difference but in the past, we have had “Lovers Lane”, “Witches Wynd” which have all attracted more than their fair share of interest.’
