When house-hunting, most of us don’t pay much attention to the road name; in fact, 92% of Brits state that they aren’t concerned with the street name of their potential home, but new research shows that they should be…
The mortgage comparison specialists at Bankrate conducted a study to discover if street names have an impact on house prices and where better to start than ‘happy streets’?
After analysing thousands of road names in England and Wales, Bankrate discovered that having a street name that is considered ‘positive’ or ‘happy’ can increase a property’s value by an average of £24,830.86 - well worth considering when looking at purchasing your next property!
The happy road name that adds the most value to your house is ‘chipper’, with roads containing this word being worth £56,571 more on average than other road names in the same area – 'chipper' streets are most commonly found in South West England.
This is followed by ‘pretty’ which adds £44,918 to your home’s selling price on average, and is most frequently found in the East of England.
In third place is ‘gay’, boosting your home’s value by a whopping £40,293 on average in the 15 streets it features in.
After analysing road names in Scotland, Bankrate found that living on a street named ‘peace’ adds an average of £24,147 to your home’s value.
Following this is ‘happy’, which increases your home’s value by £15,516 on average compared to 'regular' named streets in the same area.
Despite this, on the whole living on a positive street in Scotland puts you at a disadvantage, with an overall average decreased value of £34,781.
Bankrate discovered that the North West is the most popular region in the UK for happy road names, with a total of 237 and the most popular name being ‘hope’.
This is followed by Yorkshire and The Humber with 199 happy road names, which is also the region with the most affordable properties in the UK. In Yorkshire and The Humber, it appears that their favourite happy street name is also ‘hope’ as it is found more frequently than any other in the region.
In third place is the South East which features 175 happy streets, and the region’s most common happy street name is ‘summer’.
This is followed by the South West (157) in fourth and the East of England (139) who place in fifth. The full results are as follows:
In a bid to determine the most popular positive road names in England and Wales, Bankrate examined hundreds of synonyms and discovered that ‘hope’ is the most common in the country. ‘Hope’ appears in 216 roads throughout the country and increases property prices by £20,434 on average.
In second place is ‘summer’ which is included first in 127 different streets across England and Wales, closely followed by ‘sunny’ which is found in 126 roads in the country.
After evaluating the data, Bankrate can reveal that living on one of Britain’s ‘happy streets’ can help you earn some serious extra cash when it comes to selling. Therefore, next time you are house-hunting, make sure that street names are firmly on your check list.
Has this data sparked your interest of what to consider when purchasing a home? Check out this handy guide from Bankrate about how to buy a house and keep it safe for when the time is right.
To find the names of happy streets, Bankrate used an online thesaurus to gather as many synonyms of “happy” or other words associated with positivity as we could. After amassing a list of 120 or so words, the team then entered the names onto Streetlist.co.uk to find if there were indeed streets with those words in their names, and where they were located.
After finding the average house price on that street, we went on to find the average house price within that postcode using Zoopla. After this, we used the average value of a home on each ‘happy’ street to determine how much they increase the value of your home in comparison to the average house price in that postcode. Regional Price Variation was accounted for.
Bankrate only included streets where the ‘happy’ word stood alone eg. not using ‘Brightlingsea’ only ‘Bright’.