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Buyers are generally prepared to pay a premium for a property close to or overlooking a park. But how much are we talking about?
A room with a view – a park view that is – adds almost a fifth (19%), or close to £41,000, to the average value of a property, fresh research shows.
The study, which looked at average property prices close to a main park in each of the UK’s 50 biggest towns and cities and compared them to the average property price for the area to see what premium homebuyers might have to pay to buy a property close to a park, found that buyers in Priory Park in Southend-on-Sea are prepared to pay more, in percentage terms, than any other part of the country.
According to the research, the value of property close to or overlooking the Priory Park is a staggering 165%, or £444,177, more expensive than the average property price for the town.
Unsurprisingly, purchasers will pay a substantial premium of 85% to acquire a home in the streets surrounding London’s Hyde Park, Aberdeen’s Westfield Park, the largest park in the Bridge of Don area, also commands a hefty premium to live near – a massive 63%, with the average home costing £360,324 compared to the average property price across Aberdeen of £221,413.
The study illustrates just how valuable open green spaces are, especially in urban areas where many properties do not offer outside space, such as a garden or terrace. So when it comes to buying property, it may be worth taking into consideration what parks or open green spaces are available in the local area, especially when investing in a built-up area.
The following table shows the parks that add the highest average percentage premium on property prices to live near:
Source: House Simple
The following table shows the parks that offer better value for money to live near to, in terms of paying no premium on the average property price for the local area: