Green space is key to higher property prices
21/10/2019
Research carried out by the Office of National Statistics (ONS) has found that the closer properties in urban areas are to public green spaces, the more expensive they are.
The analysis, which looked at more than one million house sales in England and Wales via property website Zoopla between 2009 and 2016, showed that homes near to green areas commanded prices up to 1.9% more than those further away.
On average, houses and flats within 100 metres of parks, gardens, playing fields and other publicly accessible green spaces were £2,500 more expensive than they would be if they were more than 500 metres away. In 2016, this equated to an average premium of 1.6%.
The ONS’s definition of green space was taken from Ordnance Survey's Open Greenspace data. Included within it are public parks or gardens, play spaces, playing fields, sports facilities, golf courses, allotments or community growing spaces and religious grounds. Woodlands, heaths and other open spaces that could be used for recreation were excluded.
To make sure estimates were comparable, the ONS took account of characteristics including the type of property, the number of bedrooms, if a property had recently been renovated or still contained its original features and the amount of land the property and garden covered, as well as the period the house was built in.
Other parameters considered were the distance to transport facilities, retail areas, schools (including their inspection ratings) and workplaces. The socio-economic classification of areas as well as air and noise pollution levels were also taken in to account.
Perhaps predictably, detached houses within 100 metres of public green spaces were the properties that benefited the most, attracting a 1.9% premium. Semi-detached homes saw an uplift of 1.6%, closely followed by bungalows with 1.5%. Terraced homes gained a 1.4% higher price tag while flats were 0.6% more expensive than those further away.
Speaking of the findings, Karen Woods, partner in Russell & Russell’s conveyancing department, said: “Location is always key when buying a property and those with a view or green spaces do tend to command higher prices. Having areas which can be used for leisure activities on your doorstep will always provide a huge pull for purchasers because of the added value they present.”