May 25, 2024

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Market value increases in the United Kingdom — Idealista/news

Market value increases in the United Kingdom — Idealista/news

A proper name for a house can do this A very attractive property and increase your potential buyers market value, according to a study of the British market carried out by Savills. In the UK, it is possible to change a home address to a specific alias, especially those with large extensions. Getting the right qualification can make a difference of £456,000, around €531,500.

A Research conducted by Savills UK He clarifies that measuring the direct impact is complicated, but in his comparison, he suggests that a suitable name can provide personality, prestige “and a better selling price for a property”. But which name to choose? A good name summarizes the main characteristics of the property, which becomes an art.

The study looked at house prices quoted in England and Wales “The Manor House”, “Manor House” and “The Manor”. The price difference between the three is about 456 thousand pounds, about 531.5 thousand euros at the current exchange rate.

properties called ‘The Manor House’ They are the most expensive, with an average asking price of £1.42 million (€1.65 million). On the other hand, homes nicknamed ‘The Manor’ or ‘Manor House’ sold for an average of £967,117, just over €1.1 million.

Adding or changing a home’s name is not guaranteed to increase its value, especially if it does not accurately reflect the features of the home. “If the house doesn’t live up to its name, it can backfire,” he explains. Lucian Cook, Head of Research at Savills. “But when it comes to a worthy home, choosing a name can be very important. It adds to the history of the home and can therefore increase the emotional bond with the property.”

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Maybe ‘The Manor House’, Cooke says, “There is certainly something about the way the house is described that enhances its importance and status. The simple three-letter phrase reinforces the house’s evidence as an important house within a realm.”

The study examined the names associated with sales over the past five years, one in five of which sold for more than a million pounds, and confirmed that many of the property names that achieved the highest prices were linked to the former. British feudalism, religion, mythology, beer or nature.

Names are associated with specific categories Historical characteristics, tend to sell for a higher price due to their age and size. The house’s main value comes from its character, its size, its location, its state of preservation, but the name “gives an idea of ​​the house’s provenance from a historical perspective,” says the expert.

‘Old Rectory’ or ‘Old Vicarage’, The old rectory or priest’s house or parish can be translated as one of the five most expensive house names, with average prices of 1.3 million and 1.08 million lopras respectively. In other words, 1.5 and 1.25 million euros.

But some research findings suggest that household names play a role in evoking the imagination and painting an image in buyers’ minds.

Names like Oast House, Mill House and Malthouse Suggest a specific architectural style associated with the fever in Britain. Other names, such as Timbers or Mallards, were the third highest selling price at 1.16 million pounds, about 1.35 million euros.

Ultimately, a house with a “name” can expect to fetch a higher price than a house with a number, the study says. “Especially in suburban settings, the sheer convenience of having a name can carry a degree of prestige and, in some circumstances, increase the desire to have it,” he said.

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A 2019 study onthemarket.com They found that Britons paid up to £50,000 more for houses in streets with sacred names such as Royal, Palace, King or Queen. Likewise, research on real estate agencies WetherellBased in London, it found that highly desirable addresses can increase the price of a home by up to 40%.

In the British property market, a house number cannot be changed or a house address removed, but a name can be formally added to the property.