With Valentine's Day approaching, a recent study found that living on a street with a a romantic name can increase your property value.
Experts at OnlineMortgageAdvisor.co.uk were curious to see if living on a street with a a romantic name can increase your property value. To do this, they utilised Streetlist.co.uk to locate all streets in the UK containing romantic terms such as ‘love', 'sweet' and 'kissing’. They then found the average house price of the streets using Zoopla and compared them to the average house prices in the UK, to see if romantic-related streets are valued higher or lower than the average.
Where are the most romantic streets in the UK?
There are 705 streets with a romantic name in the UK. The most romantic region is the South East of England where you can find a whopping 115 streets containing a love-related term in their name. In second place is the East of England with 109 romantic streets, followed by Yorkshire and the Humber in third with 85 streets and the North West of England with 76 streets in fourth.
How does a romantic street name affect your property value in different regions?
When compared to the average property value across the UK, the study revealed that living on a street with such a name, has a different effect on property value depending on the region you live in.
For people living in London, romantic street names have a very positive impact on property value. More specifically, it can INCREASE overall worth by a whopping £303,759! Other regions with a romantic street name benefiting from an increase in property value are the South of East England (£125,447 increase), the East of England (£61,118 increase) and the South West of England(£13,470 increase). Residents in the North West of England are not so lucky, as a romantic street name is valued at £153,455 less than the average UK property. Similarly, in Northern Ireland, a house on a romantically named street is worth £148,883 less than the UK average.
What are the romantic street names that can add or take away from your property value?
The romantic term that can add the most value to your property is ‘Sweet’. In fact, streets with the word ‘Sweet’ in their name can make your property worth £1,172,736 MORE!
Despite being the most common romantic street name in the UK, streets with the term 'Rose' in them can devalue your property by £49,003!
The second most popular term is ‘Love’ with 140 streets in the UK. This term can INCREASE the value of your property by £79,689!
At the other end of the scale, the term that can devalue your property the most is ‘Partnership’. Streets with this term in their names are worth £143,868 LESS than the UK average!