The little things can often make a big difference when it comes to property. One such example is choosing a property on a Street, a Road, a Crescent, or even an Avenue, because, believe it or not, that can ultimately affect the price of the home and the demand among buyers.
Although it would seem that a “Road” comes ten a penny with a 30.7% popularity rating among homebuyers in 2017, the average price tag is £301,950, which is well above some of its less favoured counterparts.
On the lower scale, a “Close” accounted for 9.4% of the year’s sales with an average price of £255,860 and a “Street” represents 9.1% of sales with a £224,180 average property value. A “Lane” saw a 5.1% piece of the sales with a larger average price of £338,921, while a “Court” suffers from both the lowest average price tag (£207,446) and only a slight number of the year’s overall sales (1.8%).
However, more premium options for homebuyers would see a 9% jump on a “Park”, while the average price on a “Garden” goes for £367,789 with a 2.2% portion of home sales this year. Owning property on a “Hill” or a “Place” tends to add thousands of pounds on the sale price of a home. A higher end option is having a property on a “Square” because it is both distinguished at 0.5% of the sales in 2017 and this name averages a £462,895 value, an impressive 53% higher than a “Road”.
The name of the street is something to consider when choosing a property because it could add value without much thought on the homeowner’s end, or without even having a name at all. Properties with no address can add £10,000 more value than a home on a “Road”.
People can take to certain names over others, making it an important decision if the property is ever to hit the market with some added flare.
Although it shouldn’t, a road name can have an impact on a buyer’s decision to live in a certain area and as a result can impact the price of property in each area. Although it is unlikely someone would forsake their dream home because it was on a road not garden or crescent, it can certainly work the opposite way whereby they will pay above the odds to live in a more prestigiously named location.Russell Quirk