>What's In A Name?
Here at Normie & Company, we often come across people who feel strongly about whether their home address is on a Road, Street, Drive or Square and developers often assume that one will attract a higher price than another. To test the theory, we explored 2017 sales data to see whether we could identify any correlation between suffix and price. The average price of a property sold on a "Road" to date in 2017 is £301,950, however there are premium purchase properties elsewhere. To purchase on a “Park” expect to pay a 9% premium while to purchase on a “Place”, “Hill”, or “Garden” could add thousands to your purchase price. Owning a property with no street address at all, added £10,000 to one on a “Road”. At the top end of the budget, just 0.5% of all properties sold this year have been on a “Square”, where the average price is £462,895, a stunning 53% more expensive than a “Road”. But “Road” has kerb appeal for more buyers than any other address, accounting for a substantial 30.7% of all sales this year.If you would like to know how much your property is worth and whether the name of your address affects its price then contact us on 0161 773 7715 to arrange a free and no obligation valuation!