Nearby green space can add £2,500 to property price
Here at Advantage Home Construction Insurance, we appreciate that most people like a good view from their home or office window. However, new data from the Office for National Statistics indicates that as well as being easy on the eye, nearby green space can also add to your property’s value when selling.
Homes close to parks, gardens, playing fields and other publicly accessible green spaces in urban areas of England and Wales are more expensive than they would be if they were further away, Office for National Statistics (ONS) analysis reveals.
Houses and flats within 100 metres of public green spaces are an average of £2,500 more expensive than they would be if they were more than 500 metres away – an average premium of 1.1% in 2016.
The ONS looked at the details of more than one million property sales in England and Wales between 2009 and 2016 from property website Zoopla (with permission) to estimate how much homebuyers value nearby green space.
They found that properties very near public green spaces attracted a premium, and the more green space nearby, the higher that premium is.
Homebuyers value being near to green spaces – probably because they can use them for leisure activities like dog walking, sport and exercise. But having a view of green space or water raises house prices even more.
In 2016, having a view over a green space or water boosted house prices by an extra 1.8% – an average of £4,600.
You can follow this link to use the ONS’s interactive tool to find out the difference that public green spaces make to house prices in your area.
You may also enjoy: Our recent blog on why house building currently accounts for 60% of all construction work in the UK.
New data from the Office for National Statistics indicates that as well as being easy on the eye, nearby green space can also add to your property’s value when selling.
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