A ‘sexy’ address
crescent, square and mews are some of the most desirable road names
Can a ‘sexy’ address add value to your home?
A new report from estate agent Wetherell has found that having a “sexy” address can actually add up to 40% to the value of a property, whereas a home with an unappealing name could end up being worth 20% less.
The research showed that the most desirable and valuable address names are crescent, square and mews, and the least coveted are road, grove and court. The London property market benefits from selling more properties which have desirable address names than the rest of England and Wales combined.
The research taken over a 12 month period found that there were 2,400 sales across central London, with an average sales price per square foot of £1,503.
Addresses with the word “crescent” in were found to command a 40% higher asking price per square foot – £2,103. A typical London home with the word “crescent” in the address sells for around £5 million per 2000 square foot in central London. The most expensive “crescent” house on record was sold for £32 million and was called “Wilton Crescent”.
Properties on a ‘square’ are next in rank, commanding a price paid per square foot of £1,807, 20% higher than the London average. The sales price of a typical ‘square’ home is £3.8 million. London’s top three most expensive ‘squares’ are Grosvenor Square in Mayfair (£3,707 per sqft), Eaton Square in Belgravia (£3,167) and Cadogan Square in Chelsea (£2,925 per sqft).
The last place names making the top three are those with the word “mews” in them. The majority of “mews” homes were once stables and coach houses and can are often located on secluded, private streets. They command an asking price of 14% above the average – £1,715 per square foot. The typical “mews” home in London would cost around £3 million and the most expensive is called “Pont Street Mews”.
Pether Wetherell, MD at Wetherell, said:
“Our address names survey and the hierarchy it has produced has generated a wealth of fascinating findings which have implications for property marketing, local authority address naming strategies and the growing value gap between property in PCL and the rest of England and Wales.”
Property developers often choose to call their developments attractive names such as “grove” and “court”, but this research shows that this won’t necessarily help them increase the value of the properties. Research shows they may well be better off sticking with the more popular names shown above.
This survey has really highlighted how “sexy” address names can increase desirability in a location and also the property divide when it comes to London and the rest of the country.
Outside of London the reverse is true when it comes to addresses – around the rest of the country, sales are dominated by place names with the word “road” in them. This is just another indication of how far the gap between the London property market and the housing situation around the rest of the country is widening.
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