The House on the Hill
If you remember the floods of last year, you will not be surprised to learn that properties with the name Hill in their address are typically worth more than twice as much as ones located on a Street. This is all in the name, because the word 'Hill' in an address does not necessarily mean the property is actually ON a hill. However, one of those wonderful wacky pieces of research tells us that we are keen to buy properties with addresses which sound good: a hill would mean you are not in a flood zone and this could impress your insurance company – until they check!
Research analysed property prices on 858,000 street names and found that Road was the most common word to have in an address at 144,322, followed by Close at 98,778 and Street at 58,637.
The average cost of a home on a Hill is £341,466 – well up on the national average of £217,624. If you live in a Street your house is typically worth (only!) £155,515 – so research has proven. However, if you live in a Lane your home may average £328,378 – and if you are lucky enough to live in a Mews, houses are typically around £294,869. Homes located on a Park or a Green are also typically worth more than average, coming in at £283,069 and £269,861 respectively. Other names with 'pulling power' include Mill and School.
Tipping the scales at the other end of the spectrum are properties on a Street which typically have the lowest values, followed by those in a Terrace (£156,387) and those on a Crescent (£176,942) – which is a surprise as Crescent brings to mind a cosy little nook. Court and View made up the bottom five street names where properties actually have the lowest values. Depends on what the view is, we assume!
So it would seem we do buy on name: the actual name of a road doesn't actually dictate house prices, but it can give an indication as to the prosperity of the area. Hence the Mews conjuring up expensive areas of Central London and Lane bringing to mind leafy, idyllic country-style living. Go with Terrace and Coronation Street comes to mind – and the black, soot laden areas of the Northern manufacturing areas – as they were!