We have good news for those of you fortunate enough to own a house – and good news for anyone who wants to avoid paying tens of thousands over the odds when the time does come to get on the property ladder.
According to the property section of The Telegraph, buyers pay up to 40% more for homes that have a name, rather than a number.
And the outlay for personalising your address? Just £40.
OnTheMarket.com research has found buyers will spend between £5,000 and £50,000 more on homes that include regal words such as “Royal,” “Palace” and “Lord” in their titles, while a survey by London estate agents Wetherell found that homes with a “Crescent”, “Mews” or “Square” in their address sell for more than any other in the capital.
Homeowner Tim Day, who also happens to be a London estate agent, told the paper how he changed not only the name of his Suffolk home – but also his street
“I changed it from the mundane Esher Cottage to the far grander Crown Cottage,” he says. “It was unbelievably easy and took just 24 hours.”
He also managed to persuade the local authorities to change his street address from Munday’s Lane to Castle Lane.
“On my deeds there was a historic map showing that Castle Lane originally extended to where my property stands. The gazetteer officer agreed and I had that changed, too,” he explains.
Research has found:
- Homes with “Lane” in the address sell for £100,000 more than those with “Street”
- The most expensive addresses contain the words “Warren” or “Chase”
- “Streets” command the lowest prices
- Having “Cottage,” “House” or “Hall” in a property name makes them more desirable
- Houses with 13 in their address are an average £8,974 cheaper than other properties
While the process of naming his house was simple for Day, be prepared to jump through some administrative hoops. In fact, 40 quid admin fee aside, it’s probably less hassle to name a baby than a home.
The local council must consult Royal Mail to check that the chosen name doesn’t conflict with other addresses in the area, doesn’t cause offence to anyone and is not forbidden by a restricted covenant.
The renaming certificate must then be sent to the Land Registry, Electoral Registration, Council Tax and Planning Department and homeowners should also update records with the Royal Mail, as well as their bank, utility companies, emergency services and local GP.
And probably best avoid “Dunroamin”.
Images: iStock, Castle Estates