An interesting story caught our attention this week, highlighting the perhaps surprising importance of street names when it comes to selling a property.
New research by Barclays Mortgages has revealed that houses located on 'Lanes' are worth over £100,000 more than those on a 'Street'.
The data from property market analysts Hometrack found that the first line of an address really can be a marker of how much a home costs.
At an average property value of £245,906, homes situated on 'Lanes' were easily top of the table, whereas properties on 'Streets' fared much worse, with properties averaging £142,374 (29% under the national average).
'Ways' and 'Roads' were close behind 'Lanes', with average values of £218,742 and £212,717 respectively. 'Closes' and 'Avenues', on the other hand, had average values of £204,964 and £192,344.
The findings also revealed some substantial variation by region. This is particularly noticeable in the South East, where properties on 'Lanes' are an average of £137,145 more expensive than those on 'Streets'. Meanwhile, the most marked gap in price in relative terms can be found in Wales, where properties on 'Streets' barely reach half the value of those on 'Lanes'.
In the East of England, by contrast, there is very little fluctuation in price between the above street names.
As you would expect, given the huge rise in house prices in recent years, the average value of all street names have risen hugely in the past 15 years. Comparing the data taken in 2015 to the data taken in 2001, the average price for a 'Lane' property has doubled, from roughly £123,000 in 2001 to £246,000 last year.
Even properties on 'Streets' have leapt from 92,000 to £142,000 in the same time period, further reflecting just how much the value of property has risen since the turn of the new millennium.
“As this data highlights, the last few years have been incredibly buoyant for the housing market and economy, and this is great news for buyers and sellers across the nation,” Craig Calder, Barclays Director of Mortgages, said of the findings.
“While this data paints a clear picture of victory for 'Lanes' in the competition between properties, it’s interesting to see the varying statistics from around the country, and a huge growth in value overall.”
A few key things stand out here – a buoyant housing market being great news for buyers and sellers throughout the country and a huge value in growth no matter the region. House values going up year by year is, of course, a sign that the market is performing well.
This, coupled with a greater chance of getting your asking price because of high demand, makes now an ideal time for sellers. Values aren’t going to drastically collapse anytime soon, so sellers can look to sell safe in the knowledge that they’re likely to get a fair, realistic price for their home.
Of course, you can’t really change the name of the street you live on. If you live on a 'Lane', a 'Way' or a 'Road', you will probably be doing a quiet cheer to yourself right about now. But if you live on a 'Street' you need not despair. You only need to look how much prices on 'Streets' have jumped in the past 15 years to know that they have a good chance of catching 'Lanes' at the summit at some time in the future.
For an accurate valuation of your property in the current marketplace, why not check out our handy instant online valuation tool.