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£78K – the property premium to live by a park

Christina Hoghton
Written By:
Christina Hoghton
Posted:
Updated:
19/07/2017

Buyers can expect to pay a hefty sum if they want a slice of parklife on their doorstep

Buyers will have to pay a third more for a property with a park view, according to research from HouseSimple.com.

The online estate agent found that there is a substantial premium of 32%, or £78,415, for a property close to or overlooking a park in a major town or city.

Top of the park pops

In five of the 30 cities that HouseSimple looked at – Sheffield, Liverpool, Cardiff, Glasgow and Middlesbrough – you could pay twice as much for a property compared to the average for the area.

For example, in Sheffield, average property prices overlooking or close to Endcliffe Park are £415,230 compared to a city average of £187,757. That’s a massive 121% premium for a park view. Similarly, near Sefton Park in Liverpool, average property prices are £349,929, which is 112% higher than the average for the city of £164,986.  

Average prices surrounding London’s largest Royal Park – Hyde Park – are an eye-watering £1,327,670, more than £650,000 more than the London average.

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.

“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.”