New research has revealed that there may be much more to the name of the `street', `road' or `avenue' where you live than meets the eye. And choosing wisely may have a significant impact on the value of your home, according to UK property website Zoopla.
The research, conducted across the UK, found that properties located on `Hills' and `Lanes' are worth 50% more than national average, `Streets' and `Terraces' have lowest average property values across the country and homes on `Church Lane' are worth more than double those on `Chapel Street'.
Zoopla.co.uk, which provides free value estimates for every UK home, calculated the average property values for each of the 858,000 residential locations in the UK and found that the highest value properties in the country are to be found on a `Hill' (at an average price of £341,466).
Other names at the top of the list included `Lane' where average home values are £328,378, `Mews' coming in at £294,869, `Park' at £283,069 and `Green' where an average home will set you back £269,861.
At the other end of the spectrum, the average property on a `Street' in the UK is valued today at £155,515, less than half that of one on a `Hill' and well below the national average.
`Terrace' only fared marginally better than `Street' in the Zoopla.co.uk rankings with `Crescent', `Court' and `View' rounding out the bottom five.
The most common residential location name by far is `Road' with 144,322 of them across the UK. This was followed by `Close' (98,778) and `Street' (58,637).
In terms of exclusivity, the least common location names within the top 20 were revealed as `Square' (3,859) and `Mews' (4,825). Owners of properties in a `Mews' have reason to celebrate their home buying skills, having come in the top 3 both in terms of average property values and exclusivity.
The most common road names in the UK are `High Street' (2,431 of them) and `Station Road' (1,929 of them) but despite the names being common, property values on both remain higher than the national average, due to their typical proximity to the local services suggested in their names.
Nicholas Leeming, Commercial Director, Zoopla.co.uk said that while most people typically don't pay much attention to the name of the road when deciding where to buy it is clear that names can have an impact on both property values and the appearance of exclusivity, with the average property on a Hill worth £185,000 more than the average property on a Street.