Buyers paying 32 per cent more for a park view
PUBLISHED: 14:47 24 July 2017
Buyers are prepared to pay nearly a third more for a property with a park view, a new study has revealed.
According to research by Housesimple.com, a park view in a major town or city comes with a premium price tag of up to 32 per cent more than neighbouring properties.
The online estate agent looked at average property prices in the UK’s 30 biggest towns and cities, then compared them to the cost of homes in the streets surrounding each area’s parks.
Buyers in Sheffield, Liverpool, Cardiff, Glasgow and Middlesborough faced the steepest premiums, with park view properties in these cities costing twice as much as the average elsewhere in the local area. Sheffield’s premium was the highest of all, at 121 per cent.
In London, homes surrounding Hyde Park cost an average of £1,327,670 – a 97 per premium.
The area around People’s Park in Luton also proved popular, with homes typically selling for £315,892 – 21 per cent more than the average price in the area of £261,207.
Alex Gosling, CEO of HouseSimple.com said: “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.
“That high demand inevitably impacts on the price people will pay, but many buyers may not realise just how much of a premium they could be paying. 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 probably worth looking at roads that are a short walk away.”
It isn’t always so, however. In some areas, buyers are paying a premium to avoid certain parks - the area around Bristol’s Eastville Park, for example, is more affordable than other parts of the city, with properties there costing 32 per cent less.