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The nightmare of living on Elm Street - Or a chance to grab yourself a property bargain?

29 October 2018

  • Homes in Elm Street sell for an average of £55,639 less than nearby properties
  • Sellers in Elm Street, Stanley, County Durham, have endured the biggest nightmare, receiving 68% less (£63,227) compared to local area
  • Yorkshire Building Society analysis looked at all residential property sales since the start of 2013

Freddie Krueger may be the stuff of fantasy and nightmares – but it seems the fictional villain may also have a very real effect on house prices.

Research by Yorkshire Building Society shows that property sale prices on Elm Street can be up to 68% lower than the local average, with Stanley, in County Durham, England, showing the biggest proportional difference in the UK.

On average, homes on streets with the same name as that featured in the notorious A Nightmare on Elm Street 1980s horror films, fetch 35% lower than the average for their postcode area. Homes on Elm Street in Skelmanthorpe, Huddersfield, saw the biggest actual difference, selling for £108,066 less.

Top ten UK Elm Streets with biggest price difference (by percentage)

 

Postal district and town

Average Elm Street  sale price, 2013-18

Average sale price in postal district, 2013-18

% Difference

£ Difference

1

DH9, Stanley, Durham

£30,402

£93,629

-68%

-£63,227

2

DH7, Langley Park, Durham

£53,369

£125,201

-57%

-£71,832

3

BB10, Burnley, Lancashire

£41,499

£96,856

-57%

-£55,357

4

BL9, Bury, Lancashire

£62,250

£134,860

-54%

-£72,610

5

BB1, Blackburn, Lancashire

£57,850

£122,488

-53%

-£64,638

6

HD8, Skelmanthorpe, Huddersfield, West Yorkshire

£107,579

£215,645

-50%

-£108,066

7

ST6, Stoke-on-Trent, Staffordshire

£51,108

elp£101,453

-50%

-£50,345

8

NP23, Ebbw Vale, Gwent, Wales

£49,375

£93,923

-47%

-£44,548

9

GL51, Cheltenham, Gloucester

£118,242

£224,788

-47%

-£106,546

10

DH3, Chester-le-Street, Durham

£80,667

£151,984

-47%

-£71,317

 

Source: Land Registry database

Although it may sound like a trick rather than a treat for homeowners, it could be an opportunity for those looking to grab a property bargain – provided they’re not put off by the address.

Chris Irwin, Yorkshire Building Society Mortgage Manager, said:

House prices can be affected by all sorts of factors – and popular culture will play into this. Sometimes people are influenced by a street name associated with a creepy film or a house number which is perceived as ‘unlucky’. The research on Elm Street certainly supports this view.

Whilst this can be frustrating for sellers, for those who aren’t as concerned about the road name or street number, it could be an opportunity to buy a property in an area which they may otherwise have not been able to afford.

However, it’s likely that if you pick up a home for significantly less than the area’s average because some people find the address off-putting, this factor will continue to influence the property’s price when you come to sell.

Just two Elm Streets in the UK saw homes sell for an average price which was higher than typical for the area – Elm Street in Pontypridd, and Elm Street in Ferndale, which are both in South Wales.

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