The latest research from online estate agent Housesimple.com has revealed that living close to a park can add up to £40,000 to the value of a home.
The data shows that the average property prices in streets that are situated near local parks are almost 20% higher than the average property prices for the given town or city.
As a result, the value of having a free park near your house adds an average premium of just over £40,000 to the value of your property.
Of the towns and cities included in the research, the biggest premium added to a property was in Southend-on-Sea where homes close to or overlooking Priory Park are £444,177 (165%) more expensive that the town’s average property price.
Aberdeen’s Westfield Park also added a 63% premium to the value of homes situated near it, with the average property costing £360,324 compared to the city’s average property price of £221,413.
In the streets surrounding London’s Hyde Park, buyers will pay an 85% substantial premium, which is the equivalent of £555,316.
Housesimple.com CEO, Alex Gosling, said that in large urban areas where many properties are without a garden or do not have access to a communal garden, living close to parks or green spaces is among the main priorities of many buyers; with the high demand for these properties reflected in the increased property costs.
Gosling added: “Many buyers may not realise just how much of a premium they could be paying for the pleasure of living close to a ‘free’ park.
“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 maybe worth looking at roads that are a few minutes further away.”
The research also found that the following parks added significant premium on properties: Newcastle’s Town Moor Park, Cardiff’s Roath Park and Middlesbrough’s Stewart Park.