Newland Avenue - Hull
What's in a name: could your street name affect the value of your home?
We all have our dream areas in our own towns, right? The houses and streets we stroll by and think, ‘wow’.
There’s a lot that goes into making any particular area desirable. Schools, amenities, good nightlife, access to public transport depending on what you’re after. But did you know the name of your street could also be having a direct impact on the value of your home?
According to Barclays, that impact could be anywhere up to £100,000.
Drury Lane might be the place to be
It’s now easy to see why the muffin man wanted to set up shop on Drury Lane. According to Barclays’ research, streets ending in ‘Lane’ carried an average house price of £245,906 - £26,632 more than its closest relative, streets ending in ‘Way’.
Generally speaking, houses on a lane are worth around 22% more than the average home in the UK.
The neighbourhood round up
You might be curious where your street name fits into this line up. Barclays’ research indicates that streets ending in ‘Road’ and ‘Close’ were also up there with an average house price of over £200,000.
‘Avenue’ and ‘Drive’ are close runners up with average values of over £190,000. In an interesting turn of events, if you live on a ‘Street’ - the average price drops by nearly £40,000 down to roughly £142,374.
Hilarious street names: a blessing or a curse?
The Butts, Christmas Pie Avenue, Spanker Lane - comedy gold or a buying and selling nightmare? While we see street names like this and have a good giggle, research suggests these amusing streets could actually be having an impact on house prices.
While some of the ruder names can have negative consequences, some of these gems will actually carry a higher average value than homes of a similar type in a similar area. And despite our earlier findings that ‘Lane’ seems to carry more weight, a questionable pre-fix could do some serious damage to the value.
Whether you’re on a lane, way, street or road, if you’re looking for any useful tips for adding value to your home, you can always head to our previous blogs.
Can I change the name of my street?
In theory, yes. But you may have several hoops to jump through.
You can apply to your local council to try and get the name of your street changed. Councils will usually have a street naming and numbering officer who will oversee the decision. You may be able to find application forms on your local council’s website.
So, what have we learnt? That you should definitely take note of the street names before you make the move. It’ll clearly make more of a difference than you may first think!
Expert advice, no matter what avenue you take
To make an initial, no-obligation appointment with a mortgage adviser in Hull to discuss your next move, give us a call on 01482 470444 or send us an e-mail.
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