If your address name ends on a ‘Lane’ chances are your home is worth considerably more than the houses located on ‘Streets’, according to new research from Barclays Mortgages.
An analysis of data provided by property market specialists Hometrack has revealed a considerable difference in prices of properties based on the first line of their address.
Street names ending on ‘Lane’ can fetch up to £100,000 more in property values than names ending on ‘Street’.
The results show that while homes on ‘Lanes’ come in with a resounding victory at an average property value of £245,906 (22 per cent higher than the national average), homes on ‘Streets’ come towards the bottom of the list, with properties averaging £142,374 (29 per cent under the national average – and a whole 42 per cent lower than ‘Lanes’) across the UK.
Just behind ‘Lanes’ are the ‘Ways’ and ‘Roads’, with average values of £218,742 and £212,717 respectively, followed by ‘Closes’ and ‘Avenues’ at £204,964 and £192,344.
Regionally, there’s also some significant variation revealed by the figures. The biggest divide in direct cost between street name prices occurs in the South East, where properties on ‘Lanes’ are an average of £137,145 more expensive than those on ‘Streets’ – while the most pronounced gap in price in relative terms is actually in Wales, with properties on ‘Streets’ barely reaching half the value of those on ‘Lanes’ (53 per cent).
By contrast, the region with the least fluctuation in price is the East of England, where prices vary between the above street names by just 36 per cent.
| Top 6 most valuable address types across the UK | ||
| Location | Average price (£) | Price relative to UK average |
| 1. Lane | 245,906 | 123% |
| 2. Way | 218,742 | 109% |
| 3. Road | 212,717 | 106% |
| 3. Close | 204,964 | 102% |
| 4. Avenue | 192,344 | 96% |
| 5. Drive | 191,675 | 96% |
| 6. Street | 142,374 | 71% |
| UK | 201,246 | 100% |
