Home names boost property values?

Published on

Homeowners struggling to sell their properties should consider giving them names, according to the findings of research from property website Globrix.com.

The survey of 4,000 people found that 7% said they would be prepared to pay more for a home just because it had a name, rather than a house number.

With the average house valued at £216,968, this would work out as over £2,000 extra for the same property that simply had its postal address changed to a name. Land Registry transactional data reveals that 5.4% of the 26 million homes in the UK (approximately 1.4 million) have names.

Some 40% of those surveyed also said their perceptions of a property would change positively if it had a name rather than a number.

21% would assume it’s an older property with character if it had a name, while 19% would think it’s in a nice area. 11% would think it’s expensive while 4% would assume its occupants are wealthy.

Our preferred names for streets are Gardens (18% would like this in their address), Avenue (13%) and Lane (9%). Our least preferred street names, with just 0.3% voting them as their favourites, are Circle, Passage, Rise and Row.

The street names that had the biggest positive increase in people’s perceptions were Gardens (with 39% saying that their perceptions of a property would improve if it had this word in its address), Green (33%) and Mews (32%).

In contrast the biggest decreases in perceptions were caused by Passage (40%), Circus (38%) and Parade (31%).

Jennifer Warner from Globrix.com said: “It may sound ridiculous but it’s part of human psychology that small changes in perception can affect what we’re prepared to pay for something – and that includes homes. A property with a name has connotations that people are prepared to shell out extra for

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

The Vernon hires internal BDM to expand intermediary reach

Vernon Building Society has appointed Damien Sabbaghe as intermediary business development manager as it...

Coventry trims first-time buyer and limited company buy-to-let rates

Coventry for intermediaries has cut selected mortgage rates for first-time buyers and limited company...

TRM adds to PMI team with supervision & development manager hire

The Right Mortgage & Protection Network has appointed Gemma Penkethman as PMI supervision &...

Rental yields rise across England and Wales as buy-to-let market enters more volatile period

Rental yields increased annually in every region of England and Wales in the first...

Pure Retirement targets introducer growth with new adviser marketing tools

Pure Retirement has launched a suite of introducer-focused resources aimed at helping advisers expand...

Latest publication

Other news

The Vernon hires internal BDM to expand intermediary reach

Vernon Building Society has appointed Damien Sabbaghe as intermediary business development manager as it...

Coventry trims first-time buyer and limited company buy-to-let rates

Coventry for intermediaries has cut selected mortgage rates for first-time buyers and limited company...

TRM adds to PMI team with supervision & development manager hire

The Right Mortgage & Protection Network has appointed Gemma Penkethman as PMI supervision &...