What's in a street name...the secret to house prices perhaps?
- Pay attention to the street name, not just the neighbours -
28th June 2010
- 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|
Most Common Street Names
|Rank||Street Name||Avg. Home Value||# in the UK|
- Ends -
For further information, please contact Tim Vooght at firstname.lastname@example.org or on 020 3872 5615.
Notes to editors
Zoopla.co.uk is the UK's most comprehensive property website, focused on empowering consumers with the resources they need to make better-informed property decisions. We help our users make sense of the residential property market by combining property listings with market value data, local information and community tools.
Zoopla.co.uk was founded on the principles of transparency and efficiency and everything we do aims to make the market more effective for both property consumers and professionals alike. By combining free, instant value estimates for every UK home with sold prices, local market information and hundreds of thousands of properties available for sale and to rent, Zoopla.co.uk has rapidly become the ultimate destination for property consumers to search for property and do their market research. Our unique features allow users to gain an insight into the market and discover information they won't find anywhere else. And, as a result, we have become one of the most valued sources of both applicant and vendor leads for UK estate agents.
Launched in 2008, we are the fastest growing property website in the UK, now attracting over 12 million visits per month and are proud to have been awarded numerous accolades including being listed in the Top 10 UK Tech Companies (Guardian) and the Top 10 Most Innovative UK Companies (Smarta 100) as well as being voted the UK's Best Property Portal (Web User, Daily Mail Awards, Website of the Year).
Zoopla Limited is a privately held company with a highly experienced and proven management team, led by Founder and CEO, Alex Chesterman, and backed by well-respected angel investors and leading venture capital firms Atlas Venture (atlasventure.com) and Octopus Ventures (octopusventures.com).