Buyers hoping to live near one of London’s royal parks face paying an average house price premium of almost 86% compared with the wider capital, according to new research by Jefferies London.
The analysis found that the average cost of a property in postcodes bordering London’s royal parks stands at £1,051,765 – 85.9% more than the city’s overall average of £565,637.
The steepest premiums were found around Green Park, where homes cost £1,637,081 on average, 72.9% more than the wider Westminster borough average.
Hyde Park and St James’s Park followed with premiums of 58.0% and 51.2% respectively, while Kensington Gardens commanded a 30.7% uplift.
RELATIVE VALUE
The Regent’s Park and Primrose Hill areas carried premiums of 18.5%, while Greenwich Park was just 4.4% higher than the borough average.
In some areas, however, buyers can find relative value. Homes surrounding Brompton Cemetery and Richmond Park sit below borough averages by 1.6% and 6.7% respectively, while those near Bushy Park are 23% lower than the Richmond upon Thames average.
EXCLUSIVE SPACES
Damien Jefferies, Founder of Jefferies London, says: “London’s royal parks are among the most exclusive green spaces in the world, and this is clearly reflected in the property prices surrounding them.
“From Hyde Park to Green Park, proximity to these iconic locations continues to carry serious cachet and commands a notable premium, particularly across the capital’s most prestigious postcodes.
“Even in areas where the park-side premium is less pronounced, buyers still see tremendous value in the lifestyle and prestige that comes with it.
“Of course, as is often the case with the London property market, those who can’t afford to pay such premiums can look at alternative options in order to find relative affordability, whilst still benefitting from living within arm’s reach of an outstanding green space.”
