We have all heard the mantra 'location, location, location' and, to a certain extent, you can take this to the bank as an indicator of a property's value. But can the location on the street actually have an effect on the price of a property?
Well, according to newly released data from lettings and estate agent, Benham and Reeves, yes. Yes, it can.
Their research has revealed that the number 145 is the most valuable property number based on sold prices over the last year.
The firm analysed sold price records from the Land Registry over the last 12 months in England and Wales and found that with a median sold price of £446,150, the number 145 is the nation’s most valuable property number.
157 (£327,500) and 233 (£297,140) also ranked within the top three, with the more traditional number 1 (£255,000) making the top five along with 239 (£255,000).
However, within London, higher numbers seem to hold more valuable while across the rest of England and Wales, homebuyers are still paying more for the old fashioned 1-10.
In fact, across England and Wales and excluding London, the numbers 1-11 ranked as the most valuable in numerical order, ranging from an average of £237,500 for properties with the number 1, to £219,995 for a number 11. The numbers 164, 15, 12 and 14 completed the most valuable outside of London.
Within the capital, the number 145 was also the most valuable although this time the median sold price climbed to a huge £800,000. Number 85 was the second most valuable amongst London homebuyers with a median sold price of £607,500.
30 (£530,000), 50 (£530,000) and 84 (£522,000) also made the top five most valuable property numbers within London.
Marc von Grundherr, Director of Benham and Reeves, commented:
“Who would have thought the number 145 would be the most valuable where property prices over the last 12 months are concerned. That said, it would seem that this has been heavily influenced by a London market that continues to drive the rest of the nation in terms of the prices being achieved for property.
"With many building up rather than out, London is bound to see a higher price paid for higher numbers as the further you go up in a development, the higher the price you’re likely to pay.
"In contrast, the same seems to apply for the more traditional numbers outside of London. Even so, it’s quite remarkable that the top 11 numbers for the highest sold price outside of the capital rank perfectly from one to 11.
"Of course, the higher probability of these numbers may have helped push up prices, but there’s undoubtedly some home buyer snobbery at play as well. Being able to claim you live at number one on any street puts you just that little bit above your neighbours and it’s clear that some will pay just that little bit more to secure such an accolade.”