Roads containing the words 'Sled', 'Reindeer' and 'Tinsel' are the best festive street names to add the most value to your home.
When it comes to increasing the value of your home, you often think things like a new kitchen, extra bedroom, or downstairs toilet are the things that will give your home a boost. However, the most important factor may actually be how festive your street name is and the UK have almost 300 festive street names.
Of course, some add much more value than others. The experts at Alan Boswell Landlord Building Insurance compared the prices of homes that were on festive named streets to similar properties across England and Wales.
Festive street names that boost property values
Streets with the word 'Sled' came out on top as the best festive term to add value to your home, adding nearly £20,000 to the average price of a similar property. Next came 'Reindeer' at just over £19,000, followed by 'Tinsel' with around £18,500, then 'Snowball' adding over £17,500 and finally 'Stocking' adding just under £7,500.
You’re in even greater luck if you live in Newcastle because homeowners in the Northeastern city see the biggest increase in property values on festive street names.
However, before you rush out to sell your home and find a house on Sled Avenue, be aware that there are certain Christmas terms that can actually devalue your home. Streets with the names 'Elf', 'Rudolph', 'North Pole', 'Gift' and 'Nativity' can see a reduction in your house value by over £90,000 compared to similar properties.
'Elf' is the biggest culprit with a shocking £180,000 knocked off the value of a home, which is a mega 33.24% drop compared to similar properties.
Ideal Home’s junior writer Jullia Joson, loves the idea of living on a festive named street. ‘I think living on a street called Reindeer sounds like quite the treat, mainly because it rolls off the tongue pretty sweetly and would probably be quite the surprise to someone if it ever came up in conversation!’
If, like most of us, you don’t have the luck of living on one of those money making festive named streets and you have put up all your Christmas decorations. Heath Alexander-Bew, director of personal lines at Alan Boswell Landlord Building Insurance, has some more traditional guidance on how to add value to your home.
‘With a rocky housing market this past year, property demands and asking prices are beginning to reduce. It is therefore essential for homeowners to keep properties up to date and improved in this ever-changing environment. Every property is different, so conduct in-depth research before spending hefty amounts on renovations.'
'Before deciding on that kitchen revamp, consult an agent first and discuss a suitable course of action for your property. Additionally, whilst modernised spaces are on-trend, prioritising comfort and a cosy atmosphere could be more beneficial. So, stay well-connected with both homeowners and buyers alike.’
So maybe festive street names are the best way to get you in the festive spirit and add some extra pennies in your pocket.
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