Far Out Friday: Is the name of your street ruining its value?

by AB14 Aug 2015
Properties with “lane” in their address sell for significantly more than those with “street”, research by a UK residential property market specialist has revealed.

The research, conducted by Hometrack on homes across the UK, found that houses on “lanes” were fetching, on average, 22% more than the average UK house price, the Daily Mail has reported

The average price of a UK house on a lane is £245,906, compared to the typical average of £201,246.

The second most expensive address is for homes situated on “ways”, where average property prices are £218,742, followed by “road” at £212,717.

Homes with “street” or “drive” in the address are the cheapest, with average prices of £142,374 and £191,675 respectively. 

As the Daily Mail report points out, this means that homes with “street” in their address are more than £100,000 cheaper than those with “lane”.

Further, the Daily Mail reports that recent research by British property website Zoopla found that none of the top 10 most expensive streets in London are actually labelled “streets”. Instead, they are situated on “gardens”, “crescent”, “avenue” or “place”. 
 

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