Premium price of park life
Green open spaces — even allotments — are more sought-after than ever, says Ben West
We Love our public parks. And, when overseas visitors — particularly Americans — spend time in Britain, they are sure to talk about the trees, the lush grass, the pretty gardens.
Sometimes, we take all this for granted. But the housing market doesn’t. New research has proved how much of a premium properties close to green spaces can command.
Data from the Office for National Statistics (ONS) has shown that homes within 100 metres of public parks, gardens, golf courses, allotments or playing fields are an average of £2,500 more expensive than they would be if they were more than 500 metres away.
The more green space there is nearby, the higher the premium.
This equates to homebuyers paying an average premium of 1.1 per cent to live near a green space. Detached homes command even more — a premium of 1.9 per cent.
Furthermore, having views of open greenery (or stretches of water such as rivers, canals, lakes or the sea) boosts house prices by around £4,600 or 1.8 per cent. Using Ordnance Survey’s Open Greenspace data and details from Zoopla ( zoopla.co.uk), statisticians analysed details of more than one million property sales within urban areas in england and Wales between 2009 and 2016.
Created in the Victorian era to provide a refuge for city residents living in cramped conditions with no access to private gardens, parks have always had an appeal.
Buying a property near a green space is the perfect compromise for the buyer torn between town and country, as they can enjoy wonderful, lush, green views and glorious walks on their doorstep, as well as the delights of the city.
‘Strengthening the human connection with nature is key, and greatly enhances residents’ quality of life, health and wellbeing — encouraging wildlife and removing harmful air pollutants,’ explains Alex Comrie, landscape director at the planning and design consultancy Barton Willmore ( barton willmore.co.uk).
‘ Parks and open green spaces provide a natural focal point for recreation and bring the community together, particularly in urban areas.
‘ This not only increases the value of nearby properties, but brings a host of wider economic benefits to the community.’
And buyers aren’t immune to their charms. Nick Leeming, chairman of estate agents Jackson-Stops ( jackson-stops.
co.uk) believes the premium people are prepared to pay can be higher than the ONS figures. ‘Our latest research shows that 89 per cent of UK respondents think living within a 20-minute journey of a green space is either important or vital.
‘It will not come as a surprise when I say that homes near parks do attract a premium. How much of a premium, however, depends on the type of green space, its location from a property and the region in which it is situated — and can vary from 5 to 20 per cent.’
BArIDand Ira Bhattacharya recently moved in to a new apartment at redrow’s Colindale Gardens development in North London, which offers nine acres of green communal spaces.
‘Though we are now living in London, our flat overlooks the development’s four-acre park, so it still feels like we are in the countryside,’ says Barid.
The couple, a retired doctor and local government official both in their mid-60s, bought the three-bedroom flat to be closer to their children.
Prices for a one-bedroom apartment start at £361,000 ( colindalegardens.co.uk).
Birmingham has the highest proportion of green space in a UK city, at 15.58 per cent, according to the Ordnance Survey. Popular suburbs include Bournville, with its village greens and 100 acres of parks, and the affluent Four Oaks and Sutton Coldfield, with their tree-lined streets and 2,400-acre nature reserve.
The average price paid for a property in Sutton Coldfield is £307,640 — almost double that in Birmingham — and homes in the area can sell for up to £7.5 million.
When you hit the top of the market, the difference a bit of greenery makes can be eye-watering.
‘A house that backs on to London’s Holland Park with a view of the park might go for between £30 million and £35 million, but the same house backing on to Holland Park Mews would probably sell for between £25 million and £30 million,’ says Saul empson, director at Haringtons Buying Agency ( haringtons-uk.com).
‘It doesn’t matter which part of the market you are in — the bottom line is that people don’t want to look at something horrid if they can help it.
‘ Paying a premium for a view is often the difference between feeling something is a bit special, rather than feeling it is slightly ugly and flawed in some way.’