Researchers for the Office for National Statistics (ONS) analysed information from over one million house sales between 2009-2016. Using Zoopla and completely new analysis models, they gathered data from urban areas in England and Wales to discover how much homebuyers value green spaces.
What did they discover?
It was found that a house near to public green space has on average £2,500 added to its value. Plus, the more green space nearby, and the closer it is, the higher the premium. A house within 100 metres of green space, compared to one over 500 metres away, has 1.1% added to the value.
Does the type of property make a difference?
The type of property does indeed make a difference. A detached house within 100 metres of public green space enjoys around 1.9% added to its price, but flats in a similar location only have 0.6% value added – that’s 1.3% difference between a detached house and a flat near green space.
What about views of open spaces?
If the house is lucky enough to have views over open green spaces such as fields or woodlands, or stretches of water like rivers, lakes, canals or the sea, it can demand an even higher value. Views such as these increase property prices by around 1.8% or £4,600.
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I began writing for Property Press Online in October 2019. Particular areas of interest are housing market news and new developments in the market.