Can an Olympic street name increase your asking price?
by Housesimple on 8th August 2016
The Rio Olympics may be at an end, but the event's sporting legacy will undoubtedly continue. After the London Olympics, we saw arenas repurposed for the public and sports teams, and the athletes’ village quickly become hot property: but what about the inspirational effect of the Olympics? Does an Olympic-themed street name really have the power to increase house prices? Let's see.
An analysis carried out by Zoopla this month looked at a selection of Olympic-related street names, running from 'Bolt' through to 'Tweddle', and came up with an average house price of £563,106. That's more than double the UK average of £213,927 announced by the Land Registry in June.
Of the streets the property website looked at, those containing the word 'Bolt' were the most valuable, with an average property value of £563,106. There was a familiar divide between streets with 'Gold', 'Silver' and 'Bronze' in their names. Properties on 'Gold' streets averaged £333,570, while 'Silver' and 'Bronze' averaged £277,739 and £257,282 respectively.
Gold Hill in Farnham was the priciest road in the study with averages of £2m – which is considerably higher than Farnham's overall average of £582,610. However, the trend doesn't hold true for all street names. Those sharing a name with tennis ace Andy Murray are a prime example.
While 'Murray' streets have an average property value of £319,570, their value in relation to the surrounding area varies significantly. Over the past five years, house prices on Murray Close in Gloucestershire, for example, averaged £337,500: well above the £268,565 average registered for the GL52 area over the past year.
However, house sale prices on Murray Avenue in Northampton averaged £142,475 over the past five years. That's over £50,000 less that nearby, and distinctly un-Olympian, Auckland Close. This suggests that Olympian names aren't the only factor at play.
What's in a name?
What this latest study of street names really reveals is what those names say about a property and its surroundings.
'Royal' names have been shown to boost prices, but largely because they reflect regal histories – something many buyers will pay a premium for. Olympic names can have a similar effect. If you’re selling a property that’s also close to top notch facilities, sporting or otherwise, you're on to a winner.