What's in an address? Properties with 'lane' in the title are typically £100k more expensive than those on a 'street'...
08-12-2015
- Across the UK, homes on 'lanes' are typically priced at £245,906
- Cheapest addresses are found on 'streets' at an average of £142,374
- But it varies wildly across regions, data shows
By Camilla Canocchi for www.Thisismoney.co.uk
The first line of an address can say something about a property's value as those situated on 'lanes' tend to be nearly £50,000 more expensive than the average, a new study suggests.
There are some regions where, however, this does not apply, with London's most valuable properties on 'streets' and Scotland's homes in 'closes' carrying the highest prices.
Across the UK, homes on lanes are priced on average at £245,906, which is 22 per cent - or £44,600 - more than the typical house price of £201,246, according to Barclays Mortgages.
What's in an address? Having a home on a 'lane' is likely to cost you more across the UK, yet a home in a 'street' is the priciest in the capital (Pictued: Dunraven Street in London's expensive neighborhood of Mayfair)
The second most expensive address is for homes situated on 'ways', where on average properties are valued at £218,742, followed by 'road' at £212,717.
The research, carried out by property market specialists Hometrack, also found that having 'street' and 'drive' in a home's address makes the property considerably cheaper, with average prices of £142,374 and £191,675 respectively.
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It means properties with street in their title are more than £100,000 cheaper than those with lane.
Craig Calder, Barclays Director of Mortgages, said: '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.
'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.'
LANE VS STREET: HOUSE PRICES DEPENDING ON ADDRESS
1. Lane: £245,906
2. Way: £218,742
3. Road: £212,717
3. Close: £204,964
4. Avenue: £192,344
5. Drive: £191,675
6. Street: £142,374
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In Scotland, homes in a 'close' were found to be the most valuable on average, at £161,869.
In London, where the typical house price is currently £424,841, homes situated on 'streets' carry a premium of more than £140,000, costing on average £566,406.
Recent research by Zoopla found that the most expensive streets in London were all in the borough of Kensington.
But none of the top 10 most expensive streets are actually labelled streets - they're either 'gardens', 'crescent', 'avenue' or 'place'.
In Wales, homes in a 'lane' were worth more than double properties in a 'street', at £190,039 on average.
In Northern Ireland, properties in a Road were the priciest, at £148,519 on average.
The average price for a home in a lane has doubled from around £123,000 in 2001, but properties in all of the street names looked at have significantly increased in value over the last 15 years, Barclays Mortgages added.