We investigate whether there is a link between the name of the road that you live on and how much your property is worth.
We’re a little bit curious at Zoopla.co.uk and, because we list every UK home (all 27m of them – yes, yours will be found here), we’re able to carry out some unique property research looking at the whole of the market – not just focusing on properties for sale and to rent.
We wondered if there was any link between the name of the ‘street’ or ‘road’ or ‘avenue’where you live and the value of your property.
Most people typically don’t pay much attention to the name of the road when deciding where to buy but our research shows that names can have an impact on both property values and the appearance of exclusivity. it turns out the average property on a ‘Hill’ is worth £185,000 more than the average property on a ‘Street‘. So, paying a little more attention to the street name and not just the neighbours, may have an impact on the value of your home.
So, we calculated the average property values for each of the 858,000 (858,724 to be precise) residential locations in the UK and it turns out that the highest value properties in the UK are to be found on a ‘Hill’, where average house prices stand at £341,466; well above the national average.
Here are some of the key findings:
• Properties located on ‘Hills’ and ‘Lanes’ worth 50 per cent more than national average
• ‘Streets’ and ‘Terraces’ have lowest average property values across the UK
• ‘Road’ most common residential suffix in UK whilst ‘Mews’ most exclusive
• Homes on ‘Church Lane’ worth more than double those on ‘Chapel Street’
Other names at the top of the list included ‘Lane’ where average home values are £328,378, ‘Mews’ coming in at £294,869, ‘Park’ at £283,069 and ‘Green’ where an average home will set you back £269,861.
At the other end of the spectrum, the average property on a ‘Street’ in the UK is valued today at £155,515, less than half that of one on a ‘Hill’ and well below the national average. ‘Terrace’ only fared marginally better than ‘Street’ in the rankings with an average value of £156,387. Also rounding out the bottom five were ‘Crescent’ with average property prices of £176,942, ‘Court’ coming in at £178,488 and ‘View’ where the average property costs £184,546 today.
The most common residential location name by far is ‘Road’ with 144,322 of them across the UK. The next most common being ‘Close’ with 98,778 of them, followed by ‘Street’with 58,637 spread across the country. The research also revealed that there are three times as many ‘Roads’ as ‘Avenues’ (47,488) and three times as many ‘Avenues’ as‘Terraces’ (16,532).
In terms of exclusivity, the least common location names within the top 20 were revealed as ‘Square’ (3,859) and ‘Mews’ (4,825). Owners of properties in a ‘Mews’ have reason to celebrate their home buying skills, having come in the top three both in terms of average property values and exclusivity.
When it comes to specific road names, five of the top 20 most common in the UK include either ‘Church’ or ‘Chapel’ in the name. But despite being among the most common, those with ‘Church’ in the name are also among the highest valued with the average property on the 1,547 ‘Church Lanes’ across the UK valued at an impressive £364,635 compared to the national average of £217,624. Other key words in road names that appear to have a positive impact on property values include ‘Mill’, ‘School’ and ‘Green’. Conversely properties on the 507 ‘Chapel Streets’ around the country are valued well below average at £159,433.
The most common road names in the UK are ‘High Street’ (2,431 of them) and ‘Station Road’ (1,929 of them) but despite the names being common, property values on both remain higher than the national average at £237,992 and £231,943 respectively, due to their typical proximity to the local services suggested in their names.
Most Common Location Names
|Rank||Name||Avg. Home Value||# in the UK|
Most Common Street Names
|Rank||Street Name||Avg. Home Value||# in the UK|
Some information contained herein may have changed since it was first published. Zoopla strongly advises you to seek current legal and/or financial advice from a qualified professional.