This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
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
