Boosting the value of your home
Many homeowners are already aware that they can revamp their kitchens, update their bathrooms or give the front of their house a makeover to add value to their home; however, jobs like these can be very costly and often take a while to complete.
But, according to a new analysis by Muve, you can boost the value of your home by £9,000 for as little as £40 with one easy trick.
And that’s naming your house.
The average UK sale price (2020-2023) for freehold residential
Freehold properties with a house name were £247,983.07 more expensive on average than numbered properties.
This is based on an analysis of 2,152,234 sold property values from the 1st of January 2020 to the 27th of February 2023.
But what should you name your house?
The data shows that adding ‘The’ to the start of your house name is the easiest way to boost the value of its property. At the beginning of their house name, properties with ‘The' were worth an extra £9,000 more on average compared to houses with a generic one-word name.
Houses with a name ending in ‘House’ had the largest range, meaning that the house name is acceptable on many different property values and types. ‘Cottage’ was the most common house name suffix out of those explored, but it did not add as much value as other name additions.
House names that ended with ‘Hall’ had the smallest price range out of all the names explored: the name was only used on similarly priced houses. On the other hand, properties that had ‘Manor’ at the end of their names resulted in the highest values of the names explored. Manors typically go for much more than other named properties, as their average sale price was £1,088,334.04, over £700,000 above the average for all house names.
You can see the full table with the price and range breakdown for the different property names below:
If the house already has a number, adding a name will be an unofficial name change. If the house owner chooses to include the house name in official correspondence, the house number should also be included. A house number will rarely be changed into a name, but it’s worth checking with the local council. The application fee is usually around £40, but this will differ depending on the area.
If the house already has a name, the local council will need to be contacted to give permission to change the name. The local council will contact Royal Mail and run checks to ensure the new name will not cause confusion.
David Jabbari, CEO of Muve, said: “The reason named houses may sell for more money than numbered houses is that they are associated with a level of significance and meaning, for example, historical or cultural importance or association with a person or event.
"Named houses are often considered unique, giving them a more luxurious feel and appearance.”
Regardless of what you name your house, it’s sure to boost the value!
Using official Price Paid Data from HM Land Registry on the government website, we studied which house names had the biggest impact on a property’s value.