Archive for June, 2010

What’s in a street name…the secret to house prices perhaps?

We’re a little bit curious at Zoopla.co.uk and, because we list every UK home (all 27m of them – yes, yours will be found here), we’re able to carry out some unique property research looking at the whole of the market – not just focusing on properties for sale and to rent.

We wondered if there was any link between the name of the ‘street’ or ‘road’ or ‘avenue’ where you live and the value of your property.

Most people typically don’t pay much attention to the name of the road when deciding where to buy but our research shows that names can have an impact on both property values and the appearance of exclusivity. it turns out the average property on a ‘Hill’ is worth £185,000 more than the average property on a ‘Street‘.  So, paying a little more attention to the street name and not just the neighbours, may have an impact on the value of your home.

So, we calculated the average property values for each of the 858,000 (858,724 to be precise) residential locations in the UK and it turns out that the highest value properties in the UK are to be found on a ‘Hill’, where average house prices stand at £341,466; well above the national average.

Here are some of the key findings:

• Properties located on ‘Hills’ and ‘Lanes’ worth 50% more than national average

‘Streets’ and ‘Terraces’ have lowest average property values across the UK

‘Road’ most common residential suffix in UK whilst ‘Mews’ most exclusive

• Homes on ‘Church Lane’ worth more than double those on ‘Chapel Street’

Other names at the top of the list included ‘Lane’ where average home values are £328,378, ‘Mews’ coming in at £294,869, ‘Park’ at £283,069 and ‘Green’ where an average home will set you back £269,861.

At the other end of the spectrum, the average property on a ‘Street’ in the UK is valued today at £155,515, less than half that of one on a ‘Hill’ and well below the national average. ‘Terrace’ only fared marginally better than ‘Street’ in the rankings with an average value of £156,387. Also rounding out the bottom 5 were ‘Crescent’ with average property prices of £176,942, ‘Court’ coming in at £178,488 and ‘View’ where the average property costs £184,546 today.

The most common residential location name by far is ‘Road’ with 144,322 of them across the UK. The next most common being ‘Close’ with 98,778 of them, followed by ‘Street’ with 58,637 spread across the country. The research also revealed that there are three times as many ‘Roads’ as ‘Avenues’ (47,488) and three times as many ‘Avenues’ as ‘Terraces’ (16,532).

In terms of exclusivity, the least common location names within the top 20 were revealed as ‘Square’ (3,859) and ‘Mews’ (4,825). Owners of properties in a ‘Mews’ have reason to celebrate their home buying skills, having come in the top 3 both in terms of average property values and exclusivity.

When it comes to specific road names, 5 of the top 20 most common in the UK include either ‘Church’ or ‘Chapel’ in the name. But despite being amongst the most common, those with ‘Church’ in the name are also amongst the highest valued with the average property on the 1,547 ‘Church Lanes’ across the UK valued at an impressive £364,635 compared to the national average of £217,624. Other key words in road names that appear to have a positive impact on property values include ‘Mill’, ‘School’ and ‘Green’. Conversely properties on the 507 ‘Chapel Streets’ around the country are valued well below average at £159,433.

The most common road names in the UK are ‘High Street’ (2,431 of them) and ‘Station Road’ (1,929 of them) but despite the names being common, property values on both remain higher than the national average at £237,992 and £231,943 respectively, due to their typical proximity to the local services suggested in their names.

Most Common Location Names

Rank Name Avg. Home Value # in the UK
1 Road £232,391 144,322
2 Close £218,918 98,778
3 Street £155,515 58,637
4 Avenue £186,190 47,488
5 Lane £328,378 45,058
6 Drive £215,956 35,393
7 Way £222,241 21,615
8 Court £178,488 20,695
9 Place £201,248 18,588
10 Gardens £247,237 18,014
11 Crescent £176,942 17,407
12 Terrace £156,387 16,532
13 Grove £188,166 14,612
14 Walk £192,163 9,631
15 View £184,546 7,714
16 Hill £341,466 6,838
17 Park £283,069 5,636
18 Green £269,861 5,630
19 Mews £294,869 4,825
20 Square £220,485 3,859

Source: Zoopla.co.uk

Most Common Street Names

Rank Street Name Avg. Home Value # in the UK
1 High Street £237,992 2,431
2 Station Road £231,943 1,929
3 Church Lane £364,635 1,547
4 Church Street £230,588 1,404
5 Main Street £244,491 1,231
6 Church Road £306,077 1,116
7 The Green £310,931 1,066
8 Mill Lane £330,059 989
9 School Lane £303,509 770
10 New Road £261,731 709
11 Park Road £223,200 698
12 Green Lane £299,298 670
13 The Crescent £201,332 627
14 The Street £337,153 621
15 Main Road £262,762 608
16 Chapel Lane £286,536 598
17 Orchard Close £245,520 535
18 Manor Road £258,646 516
19 Chapel Street £159,433 507
20 Victoria Road £210,064 502

Source: Zoopla.co.uk

June 29, 2010 at 3:04 PM Leave a comment

Ronnie Wood to lose at least £1.375m on London property

According to reports in the Daily Mail, ageing rocker Ronnie Wood has reduced the asking price on his Queen Anne house built c.1700 which directly overlooks the River Thames on London’s Cheyne Walk, SW10.

He first listed his property for sale in October 2009 for £6.5m, but recently reduced the asking price to £5.875million. It’s reported that he actually paid £7.25m for the property just over two years ago and that a hefty divorce settlement has led to the sale of the property.

We estimate the value of 103 Cheyne Walk, London, SW10 to be £10,138,631. This is higher than the average current value for homes on Cheyne Walk, SW10, which is £2,677,955. There have been 3 property sales on Cheyne Walk in the last 12 months, with the average price paid being £2,408,333.

103 Cheyne Walk is the middle 'in fill' property

Cheyne Walk has long been home to many a wealthy individual and has been dubbed “Rolling Stones Row” – Mick Jagger used to live at number 48 and Keith Richard at number 3 with Bill Wyman who, it’s believed is still living a stones (sorry) throw away on the Kings Road.

According to the selling agents:

“…the property extends to some 4,228 sq ft, the house has detailed planning consent for extension to provide approximately 7,300 sq ft of accommodation. The current consents, confirmed in November 2007, provide for a much extended house with basement, sub-basement and swimming pool. Various documents, elevations and plans are available upon request.”

Market overview for London, SW10

Property for sale in London, SW10

June 25, 2010 at 2:47 PM Leave a comment

Zoopla.co.uk reaction to the 2010 Emergency Budget

Earlier today, George Osborne unveiled the biggest package of tax increases and spending cuts in a generation.

He called his Budget  ”tough but fair” and stated it was “unavoidable”.

Below are our reactions from our Commercial Director, Nick Leeming on the key points affecting the property industry – Capital Gains Tax, VAT, Stamp Duty review and holiday lets.

Capital gains tax up to 28%. The £10,100 per year CGT-free allowance remains.

Here’s an example:

This means that the typical second-home owner or buy-to-let investor looking to sell will now be faced with a capital gains tax bill of £31,802 as opposed to £20,444 before today’s announcement*. This assumes that they have owned the property for 10 years, over which period average house prices in the UK according to our figures have risen from £104,047 to £217,624, resulting in an average a gain of £113,577.

*We have not included the £10,100 allowance, as people may spread this across a range of assets

“The government’s decision to change the CGT rate is likely to cause disruption in certain sectors of the property market. Locations popular with second-home owners such as seaside towns are likely to suffer from a fall in demand as well as university towns where parents will now be far more reluctant to purchase property to house their children whilst studying. The impact will also likely be felt in the market for flats in London, which have been popular as an investment for families and those with long commutes. Almost 14% of the population resides in private rented accommodation. Higher taxation will only discourage buy-to-let buyers in a rentals market which is already suffering from a shortage of investment and may lead to upward pressure on rental levels. There are a lot of further, unanswered questions about the impact on this sector. The introduction of the higher CGT rate without indexation or taper relief incentives to reward long-term property investors is likely to be very damaging for the private rented sector and risks leading investors to abandon the property market, leading to a shortage in the supply of rental properties.

VAT will rise from 17.5% to 20% from 4 January 2011.

“The increase in VAT is also bad news for the property sector, especially for those involved in the home-moving process. The rise will mean homeowners and buyers will have less money to spend on improving and renovating their homes and businesses that rely on activity in the property sector, such as removal firms and tradesmen, will likely take a serious hit.”

Holiday lets tax reprieve

“The latest available government figures show there are around 272,000 second home owners in England. The return of the holiday lettings tax break is positive news as many of these second homes are used as furnished holiday lets, meaning they are available for others to enjoy and beneficial for the tourism industry. The appeal of this reform and the lower-than-expected increase in capital gains tax will lead to fewer investment properties being put on the market for sale than anticipated.”

Pledge to review the stamp duty land tax relief for first time buyers

“The government announced in the Budget that it will review the stamp duty relief introduced recently for first time buyers. Putting an end to stamp duty assistance must be avoided at all costs. Restrictively high mortgage rates and deposit requirements from lenders already make it virtually impossible for first time buyers to get onto the property ladder, without further obstacles in their way. A stamp duty saving of up to £2,500 may not appear a huge sum in relation to the overall cost of buying a house, but it is not an insignificant sum to first timers – and sufficient to cover mortgage payments for several months. The proportion of first time buyer purchases has now dropped to 35% of all transactions – the lowest share since 2007 – which should act as a clear warning for the government and mortgage lenders. More assistance must be given to first time buyers, who are absolutely critical to the continued recovery in the property market.”

Have your say below, we want to hear it.

The full Emergency Budget Report can be found here:

…and the section on Housing

As always, please feel free to share and use these figures; all we ask is that you credit the source as the Zoopla.co.uk and link to Zoopla.co.uk. Thank you.

June 22, 2010 at 3:23 PM 2 comments

Property Market Overview: Wimbledon

With the oldest tennis tournament in the world starting today and a fantastic story circulating about how Roger Federer could net Oxfam a £100,000 windfall from a bet placed from beyond the grave if he defends his title at the Championship, we bring you all the property related figures you need to know about Wimbledon.

Wimbledon
Average property value for Wimbledon £511,990
Average property value for UK £217,624
Value change
1 year ago £36,726 (9.78%)
2 years ago -£14,214 (-3.33%)
3 years ago -£10,527 (-2.49%)
Average house price paid in last 12 months £502,261
Number of property sales in last 12 months 471

Source: Zoopla.co.uk

All this and more can be found on the Zoopla.co.uk market overview pages for any UK location. Here is Wimbledon in full.

Property for sale in Wimbledon

Sold prices for Wimbledon

Estate Agents in Wimbeldon

Official Wimbledon Championships Website

June 21, 2010 at 10:54 AM Leave a comment

Zoopla.co.uk LIVE Auctions: Grade II listed renovation project

In this week’s LIVE Zoopla.co.uk Auction we’ve spotted two fantastic opportunities to purchase farmhouses.

One of which would make an ideal renovation project and the other is a more modern ‘farmhouse’ requiring little work.

Both come with vacant possession.

1. Wickenlow Farm, Bolton

Starting bid: £220,000,

Address: Wickenlow Farm, Plantation Road, Edgworth, Bolton,  BL7 0DD

Tenure: Freehold

Description: A Grade II Listed detached stone farmhouse; together with a self-contained annex; dating to the 17th Century. In need of complete renovation; the house offers a number of interesting features retaining stone mullioned windows; exposed beams and open fireplaces. The name ‘Wickenlow’ loosely translates to ‘Mountain Ash Hill’. The property benefits from four reception rooms; conservatory; four bedrooms; master suite has en suite facilities; 2 further bathrooms. There is also a 1 bedroom annexe included in the sale along with an area of land the area of which is to be determined.

Location: Occupying an elevated rural position 1 mile from Broadhead Road the property is well placed for Bolton or Blackburn centres together with the M65 motorway at Darwen.

Occupancy Status: Vacant

More pictures here

Market overview for BL7 here

2. Sunnyhurst Farm, Preston

Starting bid: £360,000

Address: Sunnyhurst Farm, Waxy Lane,  Freckleton, PR4 1HQ

Tenure: Freehold

Description: Individually designed detached residence offering extremely spacious family sized accommodation over 3 floors and being situated on this quiet lane with panoramic views to the front & side.

Location: Excellent area with access to good road links within walking distance of local village centre and amenities. Within a mile of a BAE systems.

Occupancy Status: Vacant

More pictures here

Market overview for PR4 here

More about the Zoopla.co.uk LIVE online auctions here.

June 18, 2010 at 9:16 AM Leave a comment

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