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House and street names affect buyer perceptions

Monday, 11 April 2011 12:05 AM

Research has shown that buyers will pay more for a property that has a name rather than a number.

In a survey of 4,000 people by property website Globrix.com, one in 14 said they'd be willing to pay more if their chosen house had a name, while 40 per cent said that it would make their perception of a property change for the better. (Only 5.4 per cent of the UK's 26 million homes currently have a name.)

Globrix's Jennifer Warner said: "It may sound ridiculous but it’s part of human psychology that small changes in perception can affect what we’re prepared to pay for something – and that includes homes.

"A property with a name has connotations that people are prepared to shell out extra for, so perhaps canny sellers should re-christen their abodes as soon as they can."

Many respondents said that they would also make additional assumptions based on whether a property had a name: 21 per cent would assume that it was a character-filled, older property, while 19 per cent would assume that it was in a good neighbourhood.

One in nine people said that they would assume the house was expensive, and four per cent would believe its owners to be rich.

According to the research, Brits also know what they like when it comes to street names. Gardens, Avenue and Lane were the most popular words, winning 18, 13 and nine per cent of the votes respectively. Circle, Passage, Rise and Row, on the other hand, were very unpopular, securing only 0.3 per cent of the votes.

The research even found that people would judge an individual property based on the name of its road: Gardens was, again, popular, with a massive 39 per cent saying they'd think more highly of a house if it was on a road with Gardens in its name. Green was second most popular (33 per cent), followed by Mews (32 per cent).

Conversely, people made negative assumptions about the nature of any roads with Passage (40 per cent), Circus (38 per cent) and Parade (31 per cent) in the name.

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