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Would you pay a £40k property premium for a park view?

Christina Hoghton
Written By:
Christina Hoghton
Posted:
Updated:
28/07/2016

A park view can bump up the price tag of a home by 20%

A property with a park view adds close to £41,000 to the average value of a property, according to HouseSimple.com.

The online estate agent looked at average property prices near main parks in each of the UK’s 50 biggest towns and cities and compared them to the average price for the area.

The research showed that average property prices in streets close to local parks are 19% higher than average property prices for the town or city.

The biggest park premium is in Southend-on-Sea, with the value of property close to or overlooking the park, 165% or £444,177 more expensive than the average property price for the town. Aberdeen’s Westfield Park, the largest park in the Bridge of Don area, also commands a hefty premium to live near – a whopping 63%, with average properties costing £360,324 compared to the average property price across Aberdeen of £221,413.

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 amongst buyers, and that high demand inevitably impacts on the price they will pay.

“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.”


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