Buy to Let Warning – Name of street can affect capital appreciation

by Property 118

13:03 PM, 24th February 2014
About 7 years ago

Buy to Let Warning – Name of street can affect capital appreciation

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Buy to Let Warning – Name of street can affect capital appreciation

Properties on rudely named streets according to a new survey are worth on average £84,000 less than other streets in the same neighborhood. 60% said they would be put off buying a home with an unfortunate street name, this should be of serious consideration when purchasing any investment property.

From Crotch Crescent to Minge Lane, and from Bell End to The Knob, Britain’s wealth of rude street names have long been a source of amusement, but can this research be used by Landlords?

Property website NeedaProperty.com spent two months researching the effect of street names on house prices for their ‘Street Names Study’, which reveals that properties on the streets with the rudest, most embarrassing names in the country are worth an average of £84,000 less than similar properties close by.

Expert statistician Dr Geoff Ellis was commissioned to conduct the study. Dr Ellis used Land Registry data for property sales in the UK’s 15 most embarrassingly-named streets and other sales within a quarter of a mile vicinity. The prices were standardized at today’s prices and average values compared.

The results reveal that property prices on 11 of the top 15 rudely named streets are significantly cheaper than other properties within a quarter of a mile radius (the local average), with an average difference of £84,000, or 22%. When properties were compared like for like, taking into account property type (detached, semi-detached, flat), and the number of bedrooms the difference in average prices was still hugely significant, at 19%.

Over 2,000 British adults were polled to vote for the top ten streets they’d be most embarrassed to live on, from the long list that was analysed. The top 15 most embarrassing streets were used for the study.

Street

Percentage of public which voted it embarrassing

 

Example property comparison

(Indexed to today’s price)

Minge Lane – Upton upon Severn, Worcestershire

31%

Detached house: £253,389

Detached house in Longfield:  £325,000

 

Slag Lane – Lowton,

Lancashire           

26%

Semi-detached house: £112,620

Semi-detached house in Fieldfare Close: £141,297

 

Fanny Hands Lane – Ludford, Lincolnshire         

24.9%

Detached house: £157,200

Detached house in Magna Mile: £236,987

 

Bell End – Rowley Regis,

West Midlands

22.5%

Semi-detached house: £126,409

Semi-detached house in Uplands Avenue: £187,027

 

Crotch Crescent – Marston, Oxfordshire          

19.6%

Terraced house: £238,250

Terraced house in Ouseley Close: £280,500

 

The Knob – Kings Sutton, Northamptonshire                              

17% 

Semi-detached house: £245,000

Semi-detached house in Glebe Rise: £249,000

 

Turkey Cock Lane – Stanway, Essex    

10.8%

Terraced house: £177,527

Terraced house in London Road: £166,840

Cockshoot Close – Stonesfield, Oxfordshire

10.1%

Semi-detached house: £286,536

Semi-detached house in Longore: £304,794

 

Cumming Street – Islington, London

8.9%

Flat: £292,768

Flat in Britannia St: £358,419

 

Cock A-Dobby – Sandhurst, Berkshire

6.5%

Detached house: £456,481

Detached house in Longdown Road: £615,000

For some, the prospect of having an embarrassing address could be too much, as 60% of Brits admitted they would be put off living on a street if it had an embarrassing name. But for the 40% who aren’t so concerned about how others react to hearing their address, it seems there could be bargains to be had.

Scott Green, CEO of NeedaProperty.com, who commissioned the study, said: “Whilst living in a street with a funny or rude name might be a fun conversation starter or source of dinner party banter, it might not be so good when it comes to selling your house. However, with an embarrassing street name causing such a big difference in a property’s value, it seems there are bargains to be had for those who don’t mind a bit of innuendo!”Tongue



Comments

Neil Patterson

13:05 PM, 24th February 2014
About 7 years ago

There is always an element of truth in something funny!

Jeremy Smith

15:45 PM, 25th February 2014
About 7 years ago

They might be cheaper, not because of their name,
but their name reflects that they are cheaper, as you say Neil, because of the element of truth that lies therein. !!

....Come on then, lets have some more !!!!

Butthole lane...

ian

16:57 PM, 25th February 2014
About 7 years ago

Reply to the comment left by "Jeremy Smith" at "25/02/2014 - 15:45":

The best place for a Landlord to buy is LETS BE AVENUE


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