Perhaps you are looking to buy your first home, or preparing to sell when your fixed mortgage term comes to and end – but did you know that homes on brightly coloured streets are worth much more than their unpainted counterparts?
- Use our free mortgage comparison calculator to get the best deal
New research* has found that, on average, homes that form part of a brightly coloured street are worth 20 per cent more than plain houses on nearby streets. And in some places, colourful homes are worth an incredible 65 per cent more – this was found to be the case in Ten Bell Lane in Norwich.
Meanwhile, an average three-bedroom house on the colourful Priory Street in Lewes in East Sussex is worth 32 per cent more than a similar sized home on nearby Sun Street.
However, colourful homes don't have quite the same appeal in towns and cities where most properties are already full of character. For example, in Tobermory on the Isle of Mull in Scotland, there is just a 12 per cent price difference between homes on the multi-coloured picture postcard Main Street and the non-colourful nearby Rockfield Street.
Paula Higgins, Chief Executive of the HomeOwners Alliance, says, 'The value of a property can be thousands of pounds more in a street where all homes are painted brightly. Of course, we can’t all persuade our neighbours to redecorate their exterior walls in pink, green and orange, to boost our street’s value. But it is worth bearing in mind the premium you will pay for a vibrant street. As little as a few metres away from a colourful road, there could be a huge saving to be made.'
That said, the same doesn't apply to houses painted in bright colours on streets where every other house is a uniform brick – choosing a bright or garish paint colour that makes your home stand out (like a sore thumb) will only lower its value.
Ready to find your dream home (brightly coloured or not) and apply for a mortgage? Find out how much your could borrow with the easy-to-use tool below.