Homes close to parks and other public green spaces command an apparent premium of more than 15% in parts of London’s commuter belt, according to new research.
UK Property Development compared asking prices for homes within one mile of parks, public gardens and sports facilities with wider county-level average house prices across six commuter counties.
Essex recorded the largest difference, with asking prices close to green space estimated to be 15.3% higher than the county average. Kent followed closely with a 15% premium.
The findings suggest proximity to outdoor space may carry a greater relative premium in these counties than in the traditionally more expensive commuter markets of Surrey, Berkshire and Buckinghamshire.
HERTFORDSHIRE RANKS THIRD
Homes marketed within a mile of public green space in Hertfordshire had an average asking price of £494,580, compared with a county average of £467,251 – a difference of 5.7%.
Berkshire recorded a 5.4% premium, with nearby properties averaging £451,025 against a wider average of £427,261.
In Surrey, properties near green space had an average asking price of £544,908, 4.4% above the county average of £521,400.
Buckinghamshire recorded the smallest difference among the six counties. Its homes close to public green space averaged £492,337, just 1.3% above the wider figure of £485,824.
The analysis does not establish that access to green space caused the price differences. Property type, location, size and local transport connections may also influence asking prices.
BUYERS SEEK SPACE AND CONNECTIVITY
Andy Morrison (main picture, inset), Director of UK Property Development, says: “The London commuter belt has long been associated with established luxury markets such as Surrey, Berkshire and Buckinghamshire, but these figures show that the relationship between green space and property value is more nuanced.
“Hertfordshire is particularly interesting. It offers the combination that many London leavers are looking for – access to the capital alongside a more spacious setting and proximity to green space.
“For the luxury market, that is not simply about finding somewhere with a park nearby. It is about the quality of the setting and the lifestyle that comes with it.”
