UK home owners in a street with the name ‘lane’ have a property worth over £100,000 more than those on a ‘street’ according to new research.
The data, generated by findings provided by property market specialists Hometrack shows that the first line of an address really can say something about the value of a home.
The results of the research by Barclays Mortgages show that while homes on lanes have an average property value of £245,906, some 22% higher than the national average while homes on streets come towards the bottom of the list with properties averaging £142,374 or 29% under the national average and 42% below lanes.
After lanes the next most expensive addresses are found in ways and roads with average values of £218,742 and £212,717 respectively, followed by closes and avenues at £204,964 and £192,344.
Regionally, there’s also some significant variation revealed by the figures. The biggest divide in direct cost between street name prices occurs in the South East, where properties on lanes are an average of £137,145 more expensive than those on streets.
The most pronounced gap in price in relative terms is actually in Wales, with properties on streets barely reaching half the value of those on lanes with a price difference of 53%. By contrast, the region with the least fluctuation in price is the East of England, where prices vary between the above street names by just 36%.
Comparing this to data released in 2001, all of the street names have massively increased in average value in the last 15 years. The average price for a lane property has doubled, from approximately £123,000 in 2001 to the £246,000 of last year, while even streets have jumped up from £92,000 to £142,000.
‘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.