Echoing the backlash hundreds of parents faced after cleverly naming their baby daughters ‘Daenerys’ before the final few episodes of Game of Thrones, street and roads across the UK with Corona in the name are, understandably, falling from favour.
New research by estate agent comparison site; GetAgent.co.uk, has revealed that homes on roads with Corona in the name have seen the average sold price fall by -9% this year, with transactions also down -82% when compared to 2019.
First, the sales of the beer took a battering as drinkers avoided Corona in the early days of the virus. Now it seems as though homebuyers in England and Wales are doing the same when it comes to property purchases.
GetAgent analysed Land Registry records and sold prices across transactions including Corona Road, Corona Court, Corona Avenue and Corona Drive so far this year. The data shows that the average sold price is currently £138,250 in these Corona-related pockets of the property market.
This is some -44% lower than the current average house price in England and Wales and not only are Corona property sales achieving a lower average sold price, but they’ve also seen a decline in the price achieved when compared to last year.
In 2019, the average sold price across transactions in Corona-related road names came in at £152,475, meaning since the virus took hold at the start of this year, Corona-related property prices in the UK have fallen by -9%. In contrast, the average house price across England and Wales has increased by 1.6%.
Transactions have also seen a notable decline, with -82% less Corona-related property sales taking place so far in 2020 when compared to 2019.
Corona-related road names weren’t particularly popular last year either though. In fact, the average sold price still of £152,475 still came in 37% lower than the national average in 2019.
Colby Short, founder and CEO of GetAgent.co.uk commented: “Corona-themed road names aren’t particularly easy to come by in the national property market, but they are out there and do account for a handful of transactions on an annual basis. However, it seems the current pandemic has seen them fall out of favour with UK homebuyers with transactions tumbling and sold prices following suit. While they’ve never commanded particularly high sold prices there has been a notable decline when compared to last year in a time where Corona related to little else other than a refreshing alcoholic beverage or a cigar.
With lockdown part two in full swing, this Corona cold shoulder from the nation’s homebuyers could well be here for some time to come.”