The value of homes on three streets in East Lancashire with festive names is £40,000 higher than similar properties on streets with ordinary names.

A new study has found that the value of homes on three streets in Rossendale, which each have festive names, is 27.2 per cent higher than properties on similar roads that don’t have festive names.

There are three festive street names in Rossendale containing 34 properties which were reviewed in the study. They are Holly Mount, Holly Tree Close and Holly Avenue.

Analysis by buliding surveyors Stokemont found that these properties saw on average a price increase of £40,672, from £149,151 to £189,823.

Experts at chartered surveyors, Stokemont, compared house prices on festive streets across England and Wales to similar properties in order to learn more.

The number one area where festive street names have the highest positive impact on property value is Newcastle upon Tyne.

Here, the average house price is more than doubled on festive streets, seeing an average increase of £206,815 (102.22 per cent).

Next in the rankings is Southampton, where the average price increase is 62.88 per cen, or a huge £241,277.

The next biggest property value boost from festive streets is in Woking, where the average price is increased by £240,490 (39.26% per cent).

Not all festive streets are created equally though as street names containing the word ‘Snowball’ are the most lucrative on the list, increasing the average house price by a huge 11.45 per cent (£17,644 on average).

Following closely behind are streets with the term ‘Reindeer’ in the name, which increase property value by 9.80 per cent on average (£19,298).

However, not everyone sees a positive impact from festive streets; some areas see a different side to these jolly street names.

The number one festive term devaluing properties is Rudolph, knocking a huge £130,337 off the price on average, a shocking 23.02 per cent decrease compared to similar properties.

Next up are street names containing the word Turkey, which decrease house prices by 9.96 per cent, or £35,539, on average.