Shakespeare asked what's in a name and according to research by Zoopla, it could be the difference of GBP 70,000. The study revealed that the first letter of your street's name can add a considerable amount of money onto your home and prospective investors may want to make sure their property lies on a street with the right cache.
Zoopla mapped every UK street and found a massive price difference based on street names, with the letter U topping the charts. People living in streets beginning with U have an average home value of GBP 251,307 - above the national average of GBP 225,804.
Unsurprisingly, the most expensive U streets are Upper Phillimore Gardens in the borough of Kensington and Chelsea. Here the average cost of a home stands at GBP 5.6 million. So sought after is Upper Phillimore Gardens that five years ago one property sold for a then record GBP 80 million.
Conversely, if you want a cheap home, you need to look at a street that begins with the letter Z. Here, the average home will set you back approximately GBP 180,046. This may be even lower depending on where you are. For instance, houses on Zeus Lane in Waterlooville, Hampshire, are typically worth GBP 142,000. Lawrence Hall, of Zoopla, said: "There may be more to a street name than meets the eye. With £70,000 between U and Z, it is advisable to select wisely."
Other letters that could prove lucrative are T and O, where properties will set you back GBP 248,008 and GBP 244,450 respectively. H (GBP 234,045), C (GBP 233, 873), P (GBP 233,550), W (GBP 231,145) and F (GBP 228,489) streets all have values pleasingly above the national average. However, location still has a role to play and homes with the greatest prices can be found in the capital. Values in London continue to rise, as a lack of supply to meet demand fuel price growth.
If you would like to read more about the compilation, use and abuse of house price statistics, see "Average House Prices Explained"
- Tuesday 09 April 2013