Parks are one of the top things on a Property buyer’s wish list, but living near one comes with a surprisingly pricey premium.
A room with a view – a park view – adds £41,000 (approximately one-fifth) to the Average value of a property, according to new research from online estate agents HouseSimple.com – an uplift that is sure to turn other homeowners green with envy.
HouseSimple.com looked at Average Property prices close to a main park in each of the UK’s 50 biggest towns and cities and compared them to the average property price for the area. The study found that average property prices in streets that are close to local parks are 19 per cent higher – the cost of having a ‘free’ park to enjoy.
Top of the tree is Priory Park in Southend-on-Sea, with the value of property close to or overlooking the park 165 per cent (£444,177) more expensive than the average property price for the town. Aberdeen’s Westfield Park, the largest park in the Bridge of Don area, also commands a hefty premium to live near – a whopping 63 per cent, with average properties costing £360,324 compared to the average across Aberdeen of £221,413.
As you might expect, buyers will pay a substantial premium of 85 per cent to buy a property in the streets surrounding London’s Hyde Park. That’s £555,316 for the privilege of living within a stone’s throw of the city’s largest Royal Park.
Alex Gosling, CEO of HouseSimple.com comments: “In large urban sprawls where many properties don’t have a garden or access to a communal garden, living near public parks or green spaces is often one of the top wishes amongst buyers, and that high demand inevitably impacts on the price they will pay.”
“Many buyers may not realise just how much of a premium they could be paying,” he adds. “[But] that doesn’t mean there aren’t good value properties around some of the UK’s urban green spaces.”
Indeed, in Nottingham, living near a park is actually 15.5 per cent cheaper than average, with park homes in Southampton, Leicester, Birmingham and Peterborough also proving cheaper to living near a park.
Broadly speaking, though, parks are good news for those selling their homes this year. For buyers, maybe it’s th looking at roads that are a few minutes further away.