How your street name can affect the value of your property

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19 Apr 2018

What’s in a name? How your street name can affect the value of your Farnborough home

Author: Michael Wilson

Recent research has confirmed that both price and curb appeal are impacted by whether your street name is Road, Street, Crescent or Square.

Data taken from Land Registry for 2017 shows that the average price of property sold on a “Road” is £301,950. This proved to be the most popular name among buyers, accounting for 30.7% of all sales in 2017. If your home is on a “Park” you can expect to fetch a 9% premium, other names which could add thousands to the value of your home are “Place”, “Hill”, or “Garden”. Compared with a home on a “Road”, a property with no street address was valued at an average of £10,000 more! “Square” was the street name with the highest impact on property prices but accounted for just 0.5% of sales. On a “Square”, the average property cost £462,895 – 53% more than a property on a “Road”.

“Pinewood Park in Farnborough was the street with the most transactions on over the last 12 months which is in line with the findings in this study” explains Romans Sales Manager, Michael Wilson.

“The town regeneration project has made Farnborough a popular town among commuters taking advantage of the transport links into London and families seeking an affordable alternative to neighboring towns on the Surrey border. Although there are many active buyers, correct pricing remains to be the key to a successful sale with sellers achieving an average of 97% of their asking price.”

If you are thinking of selling your property, contact one of our local experts on 01252 743 735

 

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