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

Green rent cap plan could squeeze buy-to-let affordability

Green Party proposals to restrict private rent increases for three years could make it...

Firms’ confidence in FCA rises as satisfaction hits 79%

Confidence in the Financial Conduct Authority has increased, with almost eight in 10 regulated...

Westmarq challenges surveying ‘duopoly’ as it targets lender business

Westmarq has challenged mortgage lenders to move more of their valuation business away from...

Advice firms step up technology use as integration remains key obstacle

Financial advice firms are taking a more proactive approach to technology, but integrating new...

Check launches mortgage readiness tool for prospective borrowers

Check.co.uk has added a mortgage readiness feature to its app, bringing together credit, affordability,...

Latest publication

Other news

Green rent cap plan could squeeze buy-to-let affordability

Green Party proposals to restrict private rent increases for three years could make it...

Firms’ confidence in FCA rises as satisfaction hits 79%

Confidence in the Financial Conduct Authority has increased, with almost eight in 10 regulated...

Westmarq challenges surveying ‘duopoly’ as it targets lender business

Westmarq has challenged mortgage lenders to move more of their valuation business away from...