What’s in a name? How certain street names can help the value of your home
As restrictions slowly begin to ease in Britain and reports suggest there is an increasing demand for buying properties, you may be wondering about the value of your home. Over the course of the pandemic, almost half of Brits planned on redecorating their home to help increase the value, but is that the only thing that can help your property sell?
Boiler Plan has analysed the Land Registry price paid index of 1,000 homes - sold between February 2016 to February 2021 - to reveal which male and female street names really do help your house sell.
Properties featuring the street name ‘Prince’ have sold for over £1.3 million
If you live on a street with the name Prince featured, then you are one of the lucky homeowners. Boiler Plan analysed 1,000 homes from the Land Registry Price Paid Index and counted the number of properties featuring a particular street name. They then totalled up the price those properties sold for over five years to reveal the best-selling name.
The homes boasting the street name ‘Prince’ also sold for around £349,238 (£1.4 million in total), which is £93,288 more than the average house price in Britain at £256,000.
Digging deeper into the research, Boiler Plan discovered that streets with royal links actually sold for more than any other names.
Do you live on ‘Spencer’ street? It’s the UK’s second best-selling name if you do
The name Spencer - commonly associated with the UK’s Royal Family due to Princess Diana - is the second best-selling street name, with properties over the past five years selling for a total of £1.3 million.
Jenner is the best-selling female street name
The name Jenner, which saw a rise in popularity in 2013, is the best-selling, traditionally ‘female’ street name. After crunching the numbers, Boiler Plan discovered that the number of properties sold with that street name over the past five years totalled £1.27 million.
Coming a close second is the name Alexandra, with the properties counted featuring that name selling for a total of £1.17 million. Again, this name boasts royal links and is the current queen’s first middle name.
The UK’s worst selling-street name is Mitchell
When it comes to the names that don’t sell for as much, Boiler Plan can reveal that it is actually streets featuring the name ‘Mitchell’ - made famous by the iconic EastEnders family - that have sold for the least amount at just £70,000.
Traditionally ‘male’ names sell for almost £6,000 more than ‘female’ names
When looking into the names that are, typically, considered male and female, the research suggested that male names do tend to sell for more on average.
The data revealed that houses featuring a male street name sold for an average of £380,185 over the past five years. This is compared to an average of £374,623 for female names across the same time period, and a difference of £5,562.
Zoe Kenworthy, Director of Sales & Lettings at Wardsmith & Co, said: “A house purchase is a lifestyle choice, be it due to its location. For example, some buyers are buying into a postcode for its school catchment and, therefore, a street name versus their kids getting into their preferred school is no contender. Although we have seen street names could be popular. When buyers do pay a premium for a specific street, however, we do believe other factors help, such as the home's attributes and its curb appeal.”
How else can you improve the sale of your home?
While the results might show names - particularly names with royal ties - could help improve the value of your home, there are other things you can do if you are one of the many considering moving properties.
A new boiler can increase the value by up to 2%
If you have an inefficient and old boiler system, you could be losing money. It’s estimated that an old boiler could see you spending an extra £340 each year, which isn’t appealing to prospective buyers. However, a new boiler can start from as low as £1,700 and add an average of 1.9% to the value, as the savings can number in their hundreds across the year
Maintain your garden
A recent report revealed that 72% of prospective homeowners would spend more for a property with decent outdoor space. So, that means keeping your garden in good condition - such as mowing the lawn, digging out weeds, painting your fence - can absolutely mean that you are more likely to sell.
Make sure the windows are double glazed
If you live near a noisy road, that can affect the value. So, consider your windows. Are they of the best quality? Could they help to block out more noise and, therefore, repay the cost to install new ones by adding more value to the property.
Think about adding in a driveway
Parking spaces, especially close to city centres, are at a premium. So, if you have the space and the ability to create a driveway on your property, you could add between 5 and 10% to your property’s value when it comes to selling.
Smart thermostats are growing in popularity and enable homeowners to have mobile control over their heating systems. It could also potentially move your EPC (Energy Performance Certificate) up a band, which could add thousands to the value of your home.
Ian Henderson, Managing Director at Boiler Plan said: “While it has been an interesting year for the property market, there are still plenty of ways sellers can update their houses and add value, both indoors and out, that don’t solely rely on the street name you live at. From adding a new boiler, to going green, to even just sprucing up your garden, these can all add a small amount to your home's evaluation.”
If you are interested in finding out more about property values, check out the UK’s best-selling door numbers. Or, check out our Advice Centre for more energy saving tips to save money if you are thinking of buying a new home.
Boiler Plan analysed 1,000 homes from the Land Registry Price Paid Index and counted the number of properties featuring a particular street name. They then totalled up the price those properties sold for over five years.