How street names affect property prices
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Buying and selling a property can be a challenging process. There are so many well-known factors to consider, but did you realise that you could end up paying more for a house just because of the name of the road? Conversely, your house may not be worth as much as one in a neighbouring road because of the name of your street.
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The latest figures show that the cost of property increased in every region of the UK during the period from August 2020 to August 2021. The average increase across the country was £25,000, but research into property prices has shown that certain words in your street address can significantly affect the value.
Royal connotations
There are over 3,000 streets in the UK that are named after a royal figure or have a word with a royal connotation in the name. 25 streets that included each regal word were sampled, with the average house price for each street calculated, recorded and compared with the average property price for the surrounding streets. This provided an estimate as to how much of an impact in property value the royal name has.
Decrease in value
Oddly, certain regal words in road names were seen to have a negative impact on the property price. Street names containing the words ‘crown’ and ‘royal’ showed an average decrease of £70,000 and £79,000 respectively compared with the average of the surrounding area. Continuing the royal theme, streets including the words ‘sovereign’, ‘prince’, ‘coronation’ and even ‘castle’ showed noteworthy decreases.
Increase in value
In contrast, there were certain royal-related road names that were seen to show an increase in value. Roads with ‘palace’, ‘countess’, ‘duchess’ and ‘earl’ in their names showed significantly higher average property prices. Streets with ‘queen’ names were found to have an increase of around £120,000 and ‘princess’-named roads had an average property price of around £150,000 higher than neighbouring roads. Incredibly, roads that have ‘king’ in their name were found to have an average property price of almost £170,000 higher than the average house price in the surrounding area.
Whatever road you purchase a property in, it is always a wise idea to have a thorough survey. If you are looking for a home buyers survey London there are many reliable conveyancers, such as Sam Conveyancing, that are experienced in London properties.
In addition to checking the features of the house, the local schools and all those other important points before deciding to purchase a property, you just might want to double-check the road name too if it is named after a royal figure or contains a word with a royal connotation.
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