When you are looking for a new home, what is the most important thing for you? It might be the number of bedrooms or the size of the property is the first thing you look for. These are selectable criteria on property portals, so if these things matter to you, you can hone your search immediately.
You might be the sort of person who is as interested, if not more son, in the local facilities. If you need a transport hub, shops, schools or restaurants close to your home, this will influence your property search.
Price will always matter, but what would you think about the name of your street? Are you the sort of person who worries about the street name you will call home? If your house was in a street with a rude name or a funny name, it might cause some problems.
Alternatively, if you lived in a street with a positive name, you might take some pleasure and joy from the upbeat nature of the name.
Are you looking for Hope in the housing market?
Hope is the most common positive word found in street names, and it appears 216 times in the United Kingdom. Summer is featured 127 times, Sunny appears 126 times and Love is used 123 times. The study suggests Chipper is the most valuable street name, and this has added £50,000 in value.
If you are looking for an example in Camberwell, you only have to look at Champion Hill. According to Zoopla, a one-bedroom flat on this street carries a value of £375,000. However, in Denmark Hill, a similar home carries a value of £205,000.
If you look at Lewisham, a two-bedroom in Bliss Crescent carries a value of £360,000. When you cross the adjacent road, the property value plummets, with a one-bedroom property carrying a value of £275,000.
You can feel like a champion in Camberwell
London News Online looked into this phenomenon and spoke to Champion Hill resident Dulcie Menzie. Dulcie bought her property in December 2019 for £384,000. Dulcie claims the name impressed her and that it felt to her like a place a winner would stay. Dulcie spoke to the online news outlet, saying; “It’s got a prestigious name to it and it feels slightly regal.”
Personal finance expert at Bankrate, Florence Codjoe said: “Largely due to the widespread disruption caused by Covid-19, the property market is in a turbulent state. Despite uncertainty, there is positive news – those living on a street with a happy name have something to smile about in these tough times. Road names, which include positive words such as hope and love really do boost the value of properties within that respective street.”
If you are looking for guidance or information regarding the housing market, please get in touch with Hunters Camberwell. As a local estate agent who has the support of a national network, we are ideally placed to provide you with all the help and guidance you need to make an informed decision, so please contact us today.