Living on a Lane Drives Up House Price
Homes that have an address with the word lane in it are worth a fifth more than the average house price, according to new research.
Properties on lanes have an average price of £245,906. This is 22% (£44,660) more than the average UK house price.
Living on a Lane Drives Up House Price
Homes with an address containing the word way are the next most valuable, with an average price of £218,742. This is followed by properties with the word road in their address, which are generally worth £212,717.
Property market experts Hometrack conducted the study for Barclays.
The research also revealed that homes with drive or street in their address have the lowest prices, at £191,675 and £142,374 respectively.
Naturally, there are exceptions to the rule, depending on where in the country the property is. For example, in London, a house on a lane is worth £414,122 on average, whereas a property on a street is worth significantly more at £566,406.
In Scotland, homes on a close are the most valuable, at an average of £161,869.
In Wales, properties on a lane are worth the most, at £190,039 on average.
Addresses with the word road in command the highest prices in Northern Ireland, at an average of £148,519.
The average house price on a lane has doubled from around £123,000 in 2001, but property prices in all categories have risen substantially in the past 15 years, Barclays Mortgages states.
Director of Mortgages at Barclays, Craig Calder, says: “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.”1
The following are the average prices of homes with these words in their address:
- Lane – £245,906
- Way – £218,742
- Road – £212,717
- Close – £204,964
- Avenue – £192,344
- Drive – £191,675
- Street – £142,374