What's in a (street) name?

A very interesting study came across my desk the other day that I thought was worth sharing.  Apparently, in the UK, living on a ‘street’ isn’t all it’s cracked up to be. 

A study by the UK property website Zoopla looked at the average property values for each of the 858,000 residential locations in the UK.  It found that properties located on ‘Hills’ and ‘Lanes’ are worth more than the national average, while ‘Streets’ and ‘Terraces’ have the lowest average property values. 

Other value-topping names included ‘Lane’, ‘Mews’, ‘Park’ and ‘Green’, while  ‘Crescent’, ‘Court’ and ‘View’ didn’t fare so well. 

Why the price discrepancy? A simple conclusion to jump to would be that the less common street types represent the pricier places to buy.  But this is not so, according to the study.  The least common of the top 20 street names, ‘Square’, has an average value only slightly higher than the national average, while ‘Lane’ is one of the most common names but still possesses the highest average price tag.   

The study reminded me of some press in Australia that I read awhile ago which considered the effect of street names on house buyers.  Some real estate agents spoke of buyers being put off by certain street names, and gravitating towards others. 

Sound ridiculous? Apparently not to the residents of Bogan Place, Wahroonga in NSW.  So sick of their street sign being stolen, not to mention the negative connotations associated with the word, in 2008 the local council was petitioned and the street was renamed ‘Rainforest Close’. 

What then, is the meaning of such research for buyers in today’s market?  I don’t really think a street name or type should be seriously considered as a deciding factor in a property purchase. 

It is perfectly natural for certain names to resonate well with you, while others may not seem as desirable.  However, there are many other factors that come into play to determine the value of a property and its appropriateness for you. 

Distance from public transportation, schools, local amenities and the city will have much more of an impact on value than street name, and should all be taken into consideration before a decision is made.  

Posted by Charles Tarbey on 27/07/2010 at 1:50 PM | Categories: Buying -

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