What’s in a Name? At Least Ten Grand, it Seems
The UK’s homeowners enjoy their house names. Villages in particular have lots of uniquely-monickered dwellings and a stroll along a winding country road can reveal some amusing, puzzling or downright disturbing nameplates (how does Hell House appeal to you?). There’s the traditional run of cottages – Ivy, Rose, Briar and so forth, but seasonally-themed flower names, like Holly House, are more popular than oak or apple-related ones. It’s often the story behind the name that piques interest, but can it also stimulate offers above the asking price? The simple answer is yes it can.
There’s a definite hierarchy to names (it is Britain, after all). According to Mouseprice, The Cottage is the most common house name and isn’t likely to spur the bids on. The Coach House gets the mid-range buyers excited, The Old Rectory holds sway over all and gets the biggest offers, simply for sounding a bit posher and picturesque than Isor (eyesore – geddit?). Puns are popular, but not everyone wants to live in Costa Pakit, as this will wear off surprisingly rapidly.
A good name, though, will bump up the offers by as much as £10,000. It’s all about the subconscious. Quince Cottage versus Swampside will only have one winner. However, simply having a name – any name – is always better – Globrix found that one in 14 buyers will happily pay more for houses that have a name rather than a number.
Estate agents estimate that a good, well thought out house name can add anything from 0.5 per cent to 5 per cent on the asking price of a property. This is because in a hot, competitive property market, sellers need to accentuate their USP – unique selling proposition – and if the house is the only Hell House (yes, that one again) in the county, it’s going to stand out from all the Ivy Cottages and the Dovecotes and the Rose Corners up and down the nation.
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