A Nightmare in Wakefield: Houses on Elm Street sell for 52% less than nearby streets
It seems the thought of having the ultimate neighbour from hell in 80’s fictional horror villain Freddy Krueger, may be having a very real effect on house prices – and could present an opportunity for those looking to bag a bargain.
As Halloween approaches, new research by Yorkshire Building Society shows that property sale prices on Elm Street can be up to 68% lower than the local average.
On Elm Tree Street, Wakefield, houses sell on average for 52% - or £83,861 - less than the local area, the eight biggest price difference in the UK.
There have been 17 houses sold on Wakefield's Elm Tree Street, located off Doncaster Road, Belle Vue, since 2000, with the most expensive, number 11, fetching £122,000
Across the UK, homes on Elm Street sell for an average of £57,357 less than nearby properties
Yorkshire Building Society analysis looked at all residential property sales since the start of 2013
Nationally, homes on streets with the same name as that featured in the notorious ‘A Nightmare on Elm Street’ 1980s horror films, fetch 37% lower than the average for their postcode area.
Although this news is likely to spook sellers, it could be frightfully good news for those looking to grab a bargain basement property.
Homes on Elm Street in the UK sell for an average of £57,357 less than nearby properties
Emma Jaggar, Yorkshire Building Society Mortgage Manager, said: “House prices are determined by all kinds of considerations and it seems scary films can be added to that list.
"Whilst this can be a horror story in itself for sellers, for those people not superstitious or bothered by creepy road names, it could be the perfect opportunity to buy a home in an area which they usually wouldn’t have been able to afford.
“However, it’s likely that if you do pick up a home for significantly less than the area’s average because some people find the address off-putting, don’t be spooked when it comes to selling if this factor continues to influence the property’s price.”