Properties with 'lane' in the title are typically more expensive than those on a 'street'...
The first line of an address can say something about a property's value as those situated on 'lanes' tend to be nearly £50,000 more expensive than the average, a new study suggests.
The research, carried out by property market specialists Hometrack, also found that having 'street' and 'drive' in a home's address makes the property considerably cheaper, with average prices of £142,374 and £191,675 respectively.
In the Longton area we are lucky to have many Lanes all of which are popular but Marsh Lane has for many years been seen as “the” place to live and properties are always snapped up quickly when they come to the market.
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'While this data paints a clear picture of victory for "Lanes" in the competition between properties, it’s interesting to see the varying statistics from around the country, and a huge growth in value overall.'
LANE VS STREET: HOUSE PRICES DEPENDING ON ADDRESS
- Lane: £245,906
- Way: £218,742
- Road: £212,717
- Close: £204,964
- Avenue: £192,344
- Drive: £191,675
- Street: £142,374
In Scotland, homes in a 'close' were found to be the most valuable on average, at £161,869.
In London, where the typical house price is currently £424,841, homes situated on 'streets' carry a premium of more than £140,000, costing on average £566,406.
In Wales, homes in a 'lane' were worth more than double properties in a 'street', at £190,039 on average.
In Northern Ireland, properties in a Road were the priciest, at £148,519 on average. There are some regions where, however, this does not apply, with London's most valuable properties on 'streets' and Scotland's homes in 'closes' carrying the highest prices.
Across the UK, homes on lanes are priced on average at £245,906, which is 22 per cent - or £44,600 - more than the typical house price of £201,246, according to Barclays Mortgages.