It may be a fair assumption that living close to a public green space will boost your property’s value, but now it’s official. Homes close to parks, playing fields, golf courses and allotments attract higher prices, according to a report by the Office for National Statistics (ONS). The same is also true for properties with a riverside view.
The ONS analysed a million property sales in towns and cities across England and Wales over a seven-year period. It found that houses and flats within 100 meters of green space cost 1.1% more than similar properties further away. On average, living next to green spaces boosted the price of an urban property by £2,500.
Being within 100 metres of a public green space attracted the highest premium for detached homes, where it added 1.9% to the price, the research found.
Living close to a good view of a park, river, lake or the sea also increases value – by 1.8% or £4,600 compared to similar homes with a less appealing outlook.
Adam Dutton from the ONS said: “We are continuing to uncover and improve our measurements of the ways in which nature impacts on people’s health, wealth and well-being in the UK.
“Our analysis shows living near parks, gardens and playing fields or having a view over green space or water can have a real positive impact on the price of your house and the nearer the green space is, the higher the premium,”
The study looked at homes near public parks, gardens, playgrounds and sports fields as well as allotments and even cemeteries, but not woodlands. It found that buyers value green space most for dog walking, sport and exercise.
Read more about this story in the Evening Standard Homes & Property or the ONS website, where you can enter any UK postcode to determine how much local green space adds to a property’s value.
