The latest research from quick sale specialists, Open Property Group, has revealed that while Road, Close and Street may be the most common types of road name, it’s Hill, Lane and Garden that command the strongest price from buyers in the current market.
Open Property Group analysed sold price records from the Land Registry, looking at all homes to have sold across England and Wales over the last year (Jan to Dec 2023 – latest available), before breaking them down by road name to reveal the 25 most popular amongst buyers and which of these commanded the highest price.
The research shows that streets with Road in the name were by far the most popular. An estimated 132,400 homes sold on ‘Roads’ in 2023, accounting for 29.9% of all transactions.
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Close was the second most popular, with 41,749 sales equating to 9.4% of all transactions, while Street (8.6%), Avenue (7.5%) and Drive (5.9%) also proved popular.
However, when it comes to the road names that hold the greatest value, Hill ranks top. The average sold price for homes on roads with Hill in the name sat at £380,000 in 2023, the highest of all road names analysed by Open Property Group.
With an average sold price of £330,000, Lane was the second most expensive road name in England and Wales last year.
Buyers also forked out an average of £325,000 for roads with Garden and Park in the name, while Meadow also made the top five with an average sold price of £315,000.
Road did make the top 10 though, ranking at number 10 with an average sold price of £295,000.
In contrast, roads with Terrace in the name commanded the lowest average sold price at £176,000, closely followed by Street (£179,000) and Court (£190,000).
CEO of Open Property Group, Jason Harris-Cohen, said, “For most homebuyers, the property itself will take precedence over a street name, but it is fascinating to see how some are more popular than others and how they can also impact the price achieved for a home.
Of course, the popularity of the likes of Road, Close and Street are likely to be influenced by the sheer volume of roads named as such compared to the likes of Rise, Croft or Grove.
But in current slower market conditions, it’s those living on roads named Hill, Lane or Gardens that are seemingly best placed to achieve a swift sale for the best price. It could be that these roads may be located in more rural or greener areas, boasting larger homes. Or it could simply be a case of homebuyer snobbery as such road names make for fancier reading compared to your bog standard road.”
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