CHELTENHAM, Gloucestershire (CU)_A Nightmare on Elm Street is a series of supernatural slasher-horror media franchise first released in 1984. The story focuses on Freddy Krueger, a fictional character who uses a gloved hand with razors to kill teenagers living on Elm Street, in the make-believe town of Springwood.
Now, many decades later, thousands of miles across the Atlantic, the serial killer continues to haunt people residing in Elm Street across the United Kingdom. New Research reveals that homes located on roads names after the haunted street in the movie still sell up to 70 per cent less than the local average, owing to what is called “a superstitious market”.
Following an analysis conducted on residential property sales from the last decade, the Yorkshire Building Society found that on average, home on Elm Streets across the European nation were sold 42% lower than the average for their postcode area. According to the financial service provider, the biggest actual price difference was suffered by homes in Elm Street in Cheltenham, which sold for £158,372 less, while the biggest proportional difference of £74,204 was reported from County Durham, England, where homes on Elm Street were selling at a price as low as £31,310.
“It seems that some house prices may be being affected by a superstitious market,” Ben Merritt, a senior mortgage manager at YBS, said. “We know that all kinds of reasons can affect prices and it seems that Freddy Krueger’s film franchise can now be added to that list.”
Nevertheless, a significant proportion of home buyers may also find their dream home just up Elm Street, since seven out of ten adults said they would not put off living on a house located on this street. “It is worth bearing in mind, though, that if you have picked up a home for significantly less than the area’s average due to a spooky name, not to be horrified when it comes to selling if this continues to influence the property’s price,” Merritt added.
The original house featured in the horror film was recently listed in the US market for $3.25 million. The three-bedroom home in Los Angeles went up for sale on Wednesday (20 October).
