Alan Boswell Landlord Building Insurance compared the property prices of festive-named streets against similar properties in England and Wales, to reveal all.
The results reveal that the festive street name influencing property value the most is ‘Sled’, encouraging a £19,735.78 increase! This festive street name can achieve property prices of £329,000 on average.
A ‘Reindeer’ street name could enhance your property value by £19,297.50. Reindeer could bump property prices up to £216,195.65 (9.8% increase), compared to the £196,898.15 average of similar properties*.
Ranking in third is ‘Tinsel’. Tinsel could help boost property values by £18,653.10, increasing from £192,846.90 to £211,500 on average.
Rounding off the festive list are ‘Snowball’ (+£17,644.33) and ‘Stocking’ (+£7,395.22) in fourth and fifth respectively. ‘Elf’ tops the list, decreasing property values by a startling £180,375.26! With a 33.24% drop, properties on ‘Elf’ streets are valued at £362,250, compared to the £542,625.26 average of similar properties.
‘Rudolph’, a Christmas paragon, follows suit. This festive term could cut your property’s value by £156,404.44, decreasing to £415,208.33 on average.
Newcastle homeowners can see the biggest increase in property values on festive street names, up by £122,140.69. Properties in Newcastle average at £192,594, but those on festive-named streets can cost £314,735 on average.
Heath Alexander-Bew, director of personal lines at Alan Boswell Landlord Building Insurance , said:
“With a rocky housing market this past year, property demands and asking prices are beginning to reduce. It is therefore essential for homeowners to keep properties up to date and improved in this ever-changing environment.
Every property is different, so conduct in-depth research before spending hefty amounts on renovations. Before deciding on that kitchen revamp, consult an agent first and discuss a suitable course of action for your property.
Additionally, whilst modernised spaces are on-trend, prioritising comfort and a cosy atmosphere could be more beneficial. So, stay well-connected with both homeowners and buyers alike.”
