Living near green spaces could raise the value of your home by £2,500

Living near green spaces could raise the value of your home by £2,500

According to analysis by The Office of National Statistics (ONS), homes close to parks, gardens, playing fields and other publicly accessible green spaces are more expensive than they would be if they were further away.

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.

The ONS analysed the details of more than one million property sales in England and Wales between 2009 and 2016 from property website Zoopla  to estimate how much home buyers value the proximity of 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.

Greatest premium paid for detached houses

Public green space 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, but flats near green spaces are only 0.6% more expensive than those further away.

Having a view of green space or water boosts prices even more

Home buyers 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.

Do you live near a green space or have a fantastic view over water? If you are interested in an up to date valuation of your home give Roger Waring (01304 611227) or Gill Taylor (01227 763888) a call or pop into one of our offices for a chat.

 

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