Living near a park can boost your house value by £41,000
Having green space on your doorstep boosts property prices, says new study
Living close to a park boosts the value of your home by almost £41,000, new research has found.
According to HouseSimple the average house price for properties near or on a park is 19 per cent higher than those without a park on their doorstep.
House prices near or on a park are 19% higher
The online estate agent 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 to see what premium home buyers might have to pay to buy a property close to a park.
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 or £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 property price 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 London’s largest Royal Park.
However, you don’t always have to fork out to enjoy a local park with Nottingham’s Highfields Park, Southampton Common, Leicester’s Appleton Park, Birmingham’s Brookvale Park and Peterborough’s Central Park - not commanding a premium.
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 for the pleasure of living close to a ‘free’ park. That doesn’t mean there aren’t good value properties around some of the UK’s urban green spaces, but for real value it’s maybe worth looking at roads that are a few minutes further away.”
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