Does your street name end in Lane? It’s worth more!
Homes in Lanes tend to be worth a fifth more than the average house price, research has found.
A property with the word Lane in its address has an average value of £245,906, which is 22% or £44,660 more than the typical UK house price, at £201,246, according to research for Barclays Mortgages.
East of England streets with Lane in the title were worth an average of £245,906 as compared with an average regional price of a Street £142,374.
A home at an address containing the word Way was found to be the next most valuable, with a price tag of £218,742 on average, followed by a property with the word Road in its address, which is worth £212,717 typically.
The research was carried out by property market specialists Hometrack, which also found that homes with Drive or Street in their address tended to command the lowest prices of the addresses looked at.
There were exceptions to the general findings, depending on where in the country the property is. For example, in London, a home in a Lane is worth £414,122 on average, while a home in a Street is worth significantly more, at £566,406 typically.
In Scotland, homes in a Close were found to be the most valuable on average, at £161,869. In Wales, homes in a Lane were worth more than properties in other locations, 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 said.
Andy Gray, Barclays managing director of mortgages, said: “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.”
Average prices of homes across the UK with the following words in their address according to Barclays Mortgages:
The most expensive street names in each region, average property price in the most expensive street name and the average property price in that region:
East Midlands, Lane, average price in most expensive street: £194,059, average price in region: £163,586
East of England, Lane, £309,415 £247,983
London, Street, £566,406, £424,841
North East, Lane, £150,644, £129,063
North West, Lane, £178,805, £147,696
Northern Ireland, Road, £148,519, £115,233
Scotland, Close, £161,869, £139,100
South East, Lane, £396,563, £295,860
South West, Lane, £277,489, £221,383
Wales, Lane, £190,039, £150,769
West Midlands, Lane, £201,204, £164,500