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 | Cumbria Times A Voice of the Free Press |
1:00 AM 25th November 2024
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These Festive Street Names Could Boost Your Property Value By Thousands
Image by Светлана from Pixabay
But from Rudolph Street to Tinsel Lane, which festive street names are impacting property value the most?
Keen to find out, chartered surveyors Stokemont, compared house prices on festive streets across England and Wales to similar properties to see the effect on house prices.
The festive street names boosting your property value the most
| Rank | Festive term | Average Festive Street Sale Price | Average of Estimated Price of similar properties | Average Price Increase | Average Price Increase (%) |
|---|---|---|---|---|---|
| 1. | Snowball | £171,799 | £154,155 | £17,644 | 11.45% |
| 2. | Reindeer | £216,196 | £196,898 | £19,298 | 9.80% |
| 3. | Stocking | £337,417 | £308,853 | £28,565 | 9.25% |
| 4. | Carol | £322,670 | £296,053 | £26,616 | 8.99% |
| 5. | Christmas | £543,186 | £500,049 | £43,137 | 8.63% |
A Snowball-inspired street name could increase property value by £17,000
The company can reveal that street names containing the word ‘snowball’ are the most lucrative on the list, increasing the average house price by a huge 11.45% (£17,644) on average.
Following closely behind are streets with the term ‘reindeer’ in the name, which increase property value by 9.80% (£19,298) on average.
Ranking third, and increasing the average house price by a substantial £28,565 (9.25%) are stocking-related street names.
Newcastle home-owners would benefit the most from a festive street name
According to the research, the area where you’re in the most luck if your property sits on a festive street is Newcastle upon Tyne, where the average house price (£202,321) more than doubles on festive streets (£409,136). The data highlights that properties in the north east city boast an increase of 102.22% (£206,815). This is followed by Southampton, with an increase of 62.88%, or £241,277.
Sadly, not all festive street names will leave owners feeling holly and jolly, as some can actually lower property value.
Festive street names lowering your property value the most
| Rank | Festive term | Average Festive Street Sale Price | Average of Estimated Price of similar property | Average Price Decrease | Average Price Decrease (%) |
|---|---|---|---|---|---|
| 1 | Rudolph | £435,863 | £566,200 | -£130,337 | -23.02% |
| 2 | Turkey | £321,321 | £356,860 | -£35,539 | -9.96% |
| 3 | Nicholas | £279,982 | £297,006 | -£17,024 | -5.73% |
| 4 | Mistletoe | £274,734 | £291,174 | -£16,439 | -5.65% |
| 5 | Merry | £453,389 | £479,814 | -£26,426 | -5.51% |
A Rudolph themed street name can devalue your property by £130,337
The number one festive street name devaluing properties is ‘rudolph’, knocking a huge £130,337 off the price on average, a shocking 23.02% decrease compared to similar properties.
Next up are street names containing the word ‘turkey’, which decrease house prices by 9.96% (£35,539), on average.
Whilst the third biggest hindrance to property value is on streets with ‘Nicholas’ in the name, where the average decrease in property value is 5.73% (£17,024).
Despite being just a stone’s throw away from Newcastle, where property value rockets on streets with a festive name, property prices in Yarm were found to decrease in value if situated on a street with a festive name, by an average of 30.16% (£75,269).
Information supplied by Stokemont