Homebuyers willing to pay premium to live on a Hill, Lane or Garden

Posted on Friday, April 16, 2021

Despite nearly a third of all homes sold over the last year were on a Road, newly released data has highlighted that, when it comes to commanding the highest price, homes with a more desirable sounding location take some beating.

Estate agent comparison site, GetAgent.co.uk, analysed property sales across England and Wales over the last year and found that when it comes to pure popularity, you can’t beat a good old fashioned Road.

30% of all homes sold were located on a Road, with Close and Street also proving popular accounting for a further 9% of transactions each.

Avenue also proved a popular choice amongst buyers making up 7% of all homes sold, with Drive not far behind at 6%.

However, when it comes to the price paid homebuyers are forking out the most for homes on Hills. While Hill as a road type only accounted for 1% of all transactions over the last year, properties sold on Hills went for an average of £335,000.

Lane and Gardens were the next most prestigious road types from a property POV, with an average sold price of £290,000.

Park (£272,500) and Rise (£270,000) also performed well where sold prices are concerned, although Green, Way, Road, Close and Mews also came in above the average for England and Wales.

In contrast, homes selling with the title of Terrace went for the lowest sum at £145,000, closely followed by Street (£150,000) and Court (£179,950).

Colby Short, Founder and CEO of GetAgent.co.uk, commented: “House prices have boomed since the introduction of the stamp duty holiday, but it seems as though homebuyers are prepared to fork out that little bit more to live on Hills, Lanes or Garden roads. Of course, this is no doubt influenced to a degree by some clever branding by property developers to create a more desirable image and an air of prestige with these more exclusive sounding road types.

"However, when it comes to the most popular, the good old Road still tops the list. This is no doubt due to the higher availability of homes on roads named as such, accounting for a considerably larger number of transactions when compared to other road types such as Close and even Street.”



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