‘Crescent’ and ‘Mews’ addresses boost London house prices by up to 40 per cent
It is not just location that determines the value of an address, the name can also play a crucial role.
Homes on an attractive sounding “crescent”, “square” or “mews” sell for higher prices than any other sort of address in central London, according to an analysis of thousands of property sales last year.
A “crescent” address — normally denoting a majestic sweeping terrace — commanded an average price of £2,103 per sq ft, 40 per cent higher than the central London average.
The most expensive “crescents” in London are among the most exclusive addresses in Britain on a list headed by Wilton Crescent in Belgravia, Hans Crescent in Knightsbridge and Pelham Crescent in South Kensington.
Next in the London hierarchy comes “square” with a 20 per cent premium, according to the findings of the research carried out by property analysts Dataloft. The top three most expensive “squares” are Grosvenor in Mayfair, Eaton in Belgravia and Cadogan in Chelsea.
In third place are the “mews” homes often located on secluded cobbled streets that were once stables and coach houses for servants. They sell for an average of 14 per cent more than average.
The most expensive are Pont Street Mews and Grosvenor Mews in Knightsbridge, Belgrave Mews South in Belgravia and Woods Mews in Mayfair. The other place names that commanded better than average prices were “row”, “place”, “gate”, “terrace”, “walk” and “gardens”.
At the other end of the scale a property located on a central London “road” — the most common place name in Britain — will typically sell for almost 20 per cent less than the going rate elsewhere. Almost a third of addresses across the country as a whole end in “road” compared with just 13 per cent in London. There are no roads at all in the elite central London quarter of Mayfair. Other under-performing names were “grove”, “court” and “street.”
Peter Wetherell of Mayfair estate agents Wetherell, which commissioned the research, said the findings “show how London’s best addresses consolidate their power and value by having the in-built advantage of being dominated by “sexy address” names.
“The centre of the capital is dominated by grand crescents, big terrace houses and lovely leafy squares where the wealthy choose to live.”