What's in a name? Street names can make a difference to house price

 
What's in a name? Street names can make a difference to house price

When buying a house, there are a number of different factors that can affect the price that is paid. The quality of neighbours, the schools nearby and available transport options, as well as things like internet speed in recent times, can all make or break a property in terms of reaching its full value potential. However, while these are factors that most people are aware of, there are other hidden issues that can apparently affect a price that we may not even notice. 

According to a new report, the price of a house can be affected by things as simple as the name of the street that it's located on. HomeTrack said that the first line of an address can make all the difference to the price paid by a buyer. 

It said that, surprisingly, homes that are located in streets with the suffix 'Lane' sell for an average of some £100,000 more than those street names that have the suffix street. The average price paid for a 'Lane' at the moment is over £245,000. This puts their price at some 22 per cent above the national average. 

On the flipside, those houses that are on streets will come towards the bottom end of the ladder, with a mean value of some £142,000. This means they are some 29 per cent lower than the national average at the moment, and 42 per cent lower than the cost of those properties that are located on lanes. 

'Lane' is followed in valuation by the likes of 'Way', 'Road' and 'Close', with 'Avenue' completing the top five across the UK. These have average prices that sit at around £218,000, £212,000, £204,000 and £192,000 respectively. 

"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," said Craig Calder, Barclays Director of Mortgages. 

"While this data paints a clear picture of victory for ‘lanes it’s interesting to see the varying statistics from around the country, and a huge growth in value overall," he added.