If you’re wondering how to add value to your home, you may not need to do anything at all – it could all be in your road name. If you’re selling a house you may be delighted to know that just having ‘Hill’ or ‘Garden’ at the end of your street name will elevate your home’s value in buyers’ eyes.
We’re not surprised – since the start of the pandemic, many of us have been daydreaming about moving to the countryside. But while actually leaving the city isn’t for everyone, imagining that you live somewhere open and green is just that much easier if your road is called a ‘garden.’
The most popular road type – though it’s not the most lucrative
Research by estate agent comparison site, GetAgent.co.uk, has revealed which road type has proved the most popular with the nation’s homebuyers over the last year, as well as which commands the highest property price tag. GetAgent analysed property sales across England and Wales over the last year and found that when it comes to pure popularity, you can’t beat a good old fashioned Road.
In fact, 30 per cent of all homes sold were located on a Road, with Close and Street also proving popular accounting for a further 9% of transactions each. Avenue also proved a popular choice amongst buyers making up 7 per cent of all homes sold, with Drive not far behind at 6 per cent.
The road names that add the most value to a home
However, when it comes to the price paid homebuyers are forking out the most for homes on Hills. While Hill as a road type only accounted for 1% of all transactions over the last year, properties sold on Hills went for an average of £335,000.Lane and Gardens were the next most prestigious road types from a property price point of view, with an average sold price of £290,000. Park (£272,500) and Rise (£270,000) also performed well where sold prices are concerned, although Green, Way, Road, Close and Mews also came in above the average for England and Wales.
In contrast, homes selling with the title of Terrace went for the lowest sum at £145,000, closely followed by Street (£150,000) and Court (£179,950).Founder and CEO of GetAgent.co.uk, Colby Short, commented: ‘House prices have boomed since the introduction of the stamp duty holiday, but it seems as though homebuyers are prepared to fork out that little bit more to live on Hills, Lanes or Garden roads. Of course, this is no doubt influenced to a degree by some clever branding by property developers to create a more desirable image and an air of prestige with these more exclusive sounding road types.’