Homes in Lanes 'worth 22% more than average house'
Homes in Lanes tend to be worth a fifth more than the average house price, research has found.
A property with the word Lane in its address has an average value of £245,906, which is 22% or £44,660 more than the typical UK house price, at £201,246, according to research for Barclays Mortgages.
A home at an address containing the word Way was found to be the next most valuable, with a price tag of £218,742 on average, followed by a property with the word Road in its address, which is worth £212,717 typically.
The research was carried out by property market specialists Hometrack, which also found that homes with Drive or Street in their address tended to command the lowest prices of the addresses looked at, at £191,675 and £142,374 typically.
There were exceptions to the general findings, depending on where in the country the property is. For example, in London, a home in a Lane is worth £414,122 on average, while a home in a Street is worth significantly more, at £566,406 typically.
In Scotland, homes in a Close were found to be the most valuable on average, at £161,869. In Wales, homes in a Lane were worth more than properties in other locations, at £190,039 on average. In Northern Ireland, properties in a Road were the priciest, at £148,519 on average.
The average price for a home in a Lane has doubled from around £123,000 in 2001, but properties in all of the street names looked at have significantly increased in value over the last 15 years, Barclays Mortgages said.
Craig Calder, Barclays director of mortgages, said: "While this data paints a clear picture of victory for Lanes in the competition between properties, it's interesting to see the varying statistics from around the country, and a huge growth in value overall."
Here are the average prices of homes across the UK with the following words in their address according to Barclays Mortgages:
1. Lane, £245,906
2. Way, £218,742
3. Road, £212,717
3. Close, £204,964
4. Avenue, £192,344
5. Drive, £191,675
6. Street, £142,374
And here are the most expensive street names in each region, followed by the average property price in the most expensive street name and the average property price in that region:
:: East Midlands, Lane, £194,059, £163,586
:: East of England, Lane, £309,415 £247,983
:: London, Street, £566,406, £424,841
:: North East, Lane, £150,644, £129,063
:: North West, Lane, £178,805, £147,696
:: Northern Ireland, Road, £148,519, £115,233
:: Scotland, Close, £161,869, £139,100
:: South East, Lane, £396,563, £295,860
:: South West, Lane, £277,489, £221,383
:: Wales, Lane, £190,039, £150,769
:: West Midlands, Lane, £201,204, £164,500
:: Yorkshire and the Humber, Lane, £171,334, £145,949