Living near greener spaces boosts home prices by £2,500
Homes near green spaces in the UK cost more than comparable homes without such views, reveals a new report
Living near a green space in the UK costs more than the costs of comparable homes without such views, reveals a new report.
Places such as parks, golf courses and playing fields boost the value of a property as city residents look for cleaner environment and a greener view.
According to the report from the Office for National Statistics (ONS), urban property next to green spaces such as parks, golf courses and playing fields attracted a premium of £2,500 on average. This amount is even bigger for homes with views of open greenery or stretches of water such as rivers, canals, lakes or the sea which come with a price premium of £4,600 which reflects 1.8 per cent more than comparable homes without such views.
The ONS looked at more than a million property sales in urban areas of England and Wales between 2009 and 2016 to make the findings.
The research found that homes located within 100 metres of public green spaces are £2,500 more expensive on average compared with similar homes located 500 metres away, which equates to a price premium of 1.1 per cent.
Homebuyers intend to use the green spaces for leisure activities such as dog walking, sport and exercise, said the research.
The study looked at homes near public parks or gardens, play spaces, playing fields, sports facilities, golf courses, allotments or community growing spaces, and religious grounds and cemeteries.
The research found that detached homes within 100 metres of a public green space particularly command a high premium, adding around 1.9 per cent to the price, while flats near green spaces are only 0.6% more expensive than those further away.
Researchers analysed Ordnance Survey’s Open Greenspace data alongside the ONS data and Zoopla property listings.
Head of Natural Capital at ONS, Adam Dutton, said their 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 house and the nearer the green space is, the higher the premium.
He said that they are continuing to uncover and improve their measurements of the ways in which nature impacts on people’s health, wealth and well-being in the UK.