What's in a street name...the secret to house prices perhaps?
- Pay attention to the street name, not just the neighbours -
Properties located on 'Hills' and 'Lanes' worth 50% 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'
New research by leading property website Zoopla.co.uk has revealed that there may be much more to the name of the 'street' or 'road' or 'avenue' where you live than meets the eye. And choosing wisely may have a significant impact on the value of your home.
Zoopla.co.uk, which provides free value estimates for every UK home, calculated the average property values for each of the 858,000 residential locations in the UK and found that the highest value properties in the country are to be found on a 'Hill', where average house prices stand at £341,466, well above the national average. 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 Zoopla.co.uk rankings with an average value of £156,387. Also rounding out the bottom 5 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 Zoopla.co.uk research revealed that there are three times as many 'Roads' as 'Avenues' (47,488) and three times as many again '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 3 both in terms of average property values and exclusivity.
And when it comes to specific road names, 5 of the top 20 most common in the UK include either 'Church' or 'Chapel' in the name. But despite being amongst the most common, those with 'Church' in the name are also amongst 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.
Nicholas Leeming, Commercial Director, Zoopla.co.uk said: "Most people typically don't pay much attention to the name of the road when deciding where to buy but it is clear that names can have an impact on both property values and the appearance of exclusivity with the average property on a Hill worth £185,000 more than the average property on a Street. If it's exclusivity that is sought after, then maybe a Mews or Square is for you, but if looking to bag a bargain then it may be a Terrace or Crescent you are after."
Most Common Location Names
Rank | Name | Avg. Home Value | # in the UK |
|---|---|---|---|
1 | Road | £232,391 | 144,322 |
2 | Close | £218,918 | 98,778 |
3 | Street | £155,515 | 58,637 |
4 | Avenue | £186,190 | 47,488 |
5 | Lane | £328,378 | 45,058 |
6 | Drive | £215,956 | 35,393 |
7 | Way | £222,241 | 21,615 |
8 | Court | £178,488 | 20,695 |
9 | Place | £201,248 | 18,588 |
10 | Gardens | £247,237 | 18,014 |
11 | Crescent | £176,942 | 17,407 |
12 | Terrace | £156,387 | 16,532 |
13 | Grove | £188,166 | 14,612 |
14 | Walk | £192,163 | 9,631 |
15 | View | £184,546 | 7,714 |
16 | Hill | £341,466 | 6,838 |
17 | Park | £283,069 | 5,636 |
18 | Green | £269,861 | 5,630 |
19 | Mews | £294,869 | 4,825 |
20 | Square | £220,485 | 3,859 |
Source: Zoopla.co.uk
Most Common Street Names
Rank | Street Name | Avg. Home Value | # in the UK |
|---|---|---|---|
1 | High Street | £237,992 | 2,431 |
2 | Station Road | £231,943 | 1,929 |
3 | Church Lane | £364,635 | 1,547 |
4 | Church Street | £230,588 | 1,404 |
5 | Main Street | £244,491 | 1,231 |
6 | Church Road | £306,077 | 1,116 |
7 | The Green | £310,931 | 1,066 |
8 | Mill Lane | £330,059 | 989 |
9 | School Lane | £303,509 | 770 |
10 | New Road | £261,731 | 709 |
11 | Park Road | £223,200 | 698 |
12 | Green Lane | £299,298 | 670 |
13 | The Crescent | £201,332 | 627 |
14 | The Street | £337,153 | 621 |
15 | Main Road | £262,762 | 608 |
16 | Chapel Lane | £286,536 | 598 |
17 | Orchard Close | £245,520 | 535 |
18 | Manor Road | £258,646 | 516 |
19 | Chapel Street | £159,433 | 507 |
20 | Victoria Road | £210,064 | 500 |
Source: Zoopla.co.uk
- Ends -
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