Zoopla.co.uk: Road name affects prices for mortgage customers

Date:Tuesday 29th June 2010
Author: Susanna Kavka

People planning to take out a mortgage may wish to consider the impact a road name can have on the value of a property.

According to Zoopla.co.uk, consumers typically do not pay much attention to the name of a street when deciding to make a purchase.

However, research by the website showed that certain names can lead to a house being worth more than others, such as "hill".

Figures indicated that a property located on a street with "hill" in the title is on average worth almost £125,000 more than a typical street in the UK.

By contrast, cheaper homes tend to be on thoroughfares with "street" and "road" in their names.

"It is clear that names have an impact on both property values and the appearance of exclusivity," said Nicholas Leeming, commercial director of Zoopla.co.uk.

Meanwhile, the Land Registry has reported that in May 2010, house prices in England and Wales were 8.2 per cent up on the previous year.

However, the month-on-month value of the typical home fell by 0.2 per cent.