What does your address say about your property price?
Properties in the UK on ‘streets’ average £142,375, on ‘lanes’ £245,906, on ‘ways’ they are priced at an average of £218,742 followed by ‘road’ averaging £212,717.
Understandably it can depend on where in the UK you live, with a ‘close’ being the most valuable in Scotland and a ‘lane’ being the most valuable in England at an average price of £161,869. In Wales, homes on a ‘lane’ were double the price of a home on a ‘street’. Properties in Northern Ireland were more expensive when situated on a ‘road’.
However, London’s most valuable properties are on ‘streets’ costing an average of £566,406 and recent research by Zoopla found that the costliest streets in London were all in the borough of Kensington. It is expected that house prices in London will hit £1m by 2030.
Properties with ‘street’ in their title are found to be more than £100,000 cheaper than those with lane. Across the UK, homes on ‘lanes’ are typically priced at £245,906 whereas homes on ‘streets’ are typically priced at £142,374. Although, this can vary across regions.
Lanes are generally 22 per cent dearer than the typical house price of £201,246, according to Barclays Mortgages. In 2001 the price for a home on a lane was averaged at £123,000, 14 years later it has now doubled.
The top 10 most expensive streets aren’t actually labelled streets, they’re known as gardens, crescent, avenue or place.
1. Lane: £245,906
2. Way: £218,742
3. Road: £212,717
4. Close: £204,964
5. Avenue: £192,344
6. Drive: £191,675
7. Street: £142,374
Which would you prefer to live in!?
Laura Bradley, Pali Ltd(0) Comments
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