Addressing the issue of house valuations
HAVE you ever wondered what the difference between living on a road, in an avenue, a street, a lane or a close is?
Well, about £100,000 is the answer, according to a new study by Barclays Mortgages.
The lender found there is a significant difference in the value of properties depending on the first line of their address.
And top of the table when it comes to expensive street names is the word ‘lane’, which was revealed to be the most valuable address, with an average house price of £245,906.
Lanes were closely followed by ways (£218,742), roads (£212,717), closes (£204,374) and avenues (£192,344). Surprisingly, it seems living on a street means your home could be worth less, with properties in these areas found to have an average value of just £142,374, some 29 per cent below the national average.
Across the country, living in a lane is worth more than £100,000 extra in terms of your house price in comparison with setting up home in a street. In the south-east, this divide is even greater, with a home in a lane said to be worth an average of £137,145 more than a property in a street.
Commenting on the study, Leaders’ national sales director Kevin Shaw said: “It’s interesting to see the variation in property values based on the names of roads.
“However, anyone wanting to know the true value of their home should take these findings with a pinch of salt.
“Averages can never give you a precise picture and each home has its own unique value based on its exact location, condition and distinctive features. It is likely, however, that your home has gone up considerably in value over the last few years, whether you live on a lane, road, avenue, close, street or even a square or a crescent.
“Demand from buyers is high across all areas of the UK and we are finding that properties of all types are selling quickly for their full asking price.
“The average property in England and Wales is now worth in excess of £9,000 more than it was a year ago, according to the latest land registry figures.
“So if you are wondering exactly how much your home could be worth in the current market, we will be happy to give you our local market insight and an accurate, no-obligation valuation at a time that suits you.”