Park view

How much of a premium will homebuyers pay for a park view?



House buyers pay an average premium of 32%, or £78,415, for a property close to or overlooking a park in a major town or city, according to a new report.

Research conducted by online estate agents HouseSimple.com has found that in five of the 30 cities featured in its survey – Sheffield, Liverpool, Cardiff, Glasgow and Middlesbrough – some properties near parks are valued at double the average property price for that area.

The highest premium was in Sheffield, where average house prices for properties near Endcliffe Park were found to be 121% higher (£415,230) than the city average (£187,757).

Elsewhere, average house prices for properties surrounding London’s largest royal parks were £1.33m, more than £650,000 higher than the London average (£673,344).

Alex Gosling, CEO of HouseSimple.com said: “In large urban sprawls where many properties don’t have a garden or access to a communal garden, living near public parks or green spaces is often one of the top wishes among buyers.

“That high demand inevitably impacts on the price people will pay, but many buyers may not realise just how much of a premium they could be paying.

“That doesn’t mean there aren’t good value properties around some of the UK’s urban green spaces, but for real value it’s probably worth looking at roads that are a short walk away.”

City

Park

Average property price for town/city (£)

Average property price in streets close to park (£)

Percentage difference (%)

Sheffield

Endcliffe Park

£187,757

£415,230

121%

Liverpool

Sefton Park

£164,986

£349,929

112%

Cardiff

Heath Park

£233,833

£492,328

111%

Glasgow

Kelvingrove Park

£175,295

£357,813

104%

Middlesbrough

Stewart Park

£143,282

£287,052

100%

London

Hyde Park

£673,344

£1,327,670

97%

Sunderland

Backhouse Park

£140,384

£244,316

74%

Nottingham

Highfields Park

£188,662

£289,335

53%

Edinburgh

Inverlelith Park

£268,282

£385,674

44%

Birmingham

Cannon Hill Park

£188,235

£268,860

43%

Leeds

Horsforth Hall Park

£204,766

£278,679

36%

Ipswich

Christchurch Park

£263,151

£346,772

32%

Swansea

Cwmdonkin Park

£167,271

£217,935

30%

Newcastle

Town Moor Park

£203,812

£258,542

27%

Luton

People’s Park

£261,207

£315,892

21%


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