Royal street names boost property values
OntheMarket.com poll finds Britons will pay up to £50,000 extra for homes in streets with regal or titled prefixes.
Streets with regal or titled names such as Royal, Palace, Lord and Bishop can boost the value of homes lining their pavements, OnTheMarket.com has found.
According to new research by OnTheMarket.com, nearly one in 10 house-hunters are willing to pay up to £30,000 more for a property located in a street with a such a prefix, suggesting it is not just the reputation of a village, town or city that can add value to a property.
In a survey of one thousand house-buyers across the UK, 14% said they would consider paying more for a property that featured the prefix Royal in the street name, with King (7%) and Queen (6%) as the second and third prefixes with the potential to demand a higher asking price.
While nearly 40% of those questioned in the survey said they might pay up to £5,000 more for a property on a street name with such a historical association, 8% would pay up to £30,000 more and 3% were willing to pay over £50,000.
The findings also reveal large regional disparities: 43% of Londoners would consider paying more money — the highest proportion in the country — compared to just 19% in the north east.
Royal isn’t the only prefix that helps to command greater value — it also adds the most prestige to a property, according to 37% of the people asked. King, Queen, Crown and Palace all appear in the top five street name prefixes that homeowners believe add gravitas to a property.
Helen Whiteley, Commercial Director at OnTheMarket.com, said: “There is no question that location is one of the most important elements when buying or renting a new home but it is interesting that a prestigious sounding street name can help to influence a buyer or renter’s idea of price and worth.”
Noel Flint, Head of London Residential at Knight Frank said: “There is no doubt that properties with historical associations attract a premium and to have a strong royal connection gives the property real market appeal which will boost its value.”
The top street name prefixes that add the most prestige to a property are:
· Royal (37%)
· Palace (17%)
· King (13%)
· Queen (12%)
· Crown (11%)
· Lord (6%)
· Saint (6%)
· Prince (6%)
· Princess (5%)
· Duke (5%)
· Bishop (4%)
· Lady (3%)
· Duchess (3%)
The top 13 street name prefixes that house hunters would consider paying more for a property are:
· Royal (14%)
· Palace (6%)
· Crown (5%)
· King (7%)
· Queen (6%)
· Prince (4%)
· Princess (4%)
· Duke (2%)
· Duchess (2%)
· Lord (3%)
· Lady (2%)
· Saint (2%)
· Bishop (2%)
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