Homes close to green spaces cost more

Michael Lloyd

October 14, 2019

Homes close to publicly accessible green spaces in urban areas of England and Wales are more expensive, an Office for National Statistics (ONS) analysis has revealed.

Houses and flats within 100 metres of public green spaces are on average £2,500 more expensive than they would be if they were more than 500 metres away.

David Westgate, group chief executive at Andrews Property Group, said: “For urban properties close to open spaces, the grass really is greener when it comes to house prices.

“There is without doubt a correlation between property prices and a well-maintained green space.

“It may not quite have the impact on prices that proximity to a tube station has but being close to an open space does push up values, all the more so if a property overlooks them.

“Add a café and a meeting place and the premium families place on the green space becomes even greater.

“While people in detached houses may have less practical need of a green space than those in flats, proximity to one adds to the cachet of their home and boosts its price accordingly.

“It goes without saying that where most nearby properties have been converted into flats that lack gardens, the local park becomes even more important, and that too can drive up prices.

“Town planners 120 years ago got it right and the creation of open green spaces continues to have huge appeal for local people and exert a material influence on values.”

Public green space reportedly boosts the prices of detached houses the most.

These homes attract a 1.9% premium if they are within 100 metres of a public green space, with flats near green spaces seeing a 0.6% premium.

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