The closer public green space is to a property and the more there is, the higher the property premium – which property investors can use to their advantage when choosing an investment location.
An analysis by the Office for National Statistics (ONS) revealed homes and flats within 100 metres of public green space were on average £2,500 more expensive than homes 500 metres away. This was an average premium of 1.1% on house prices in 2016.
The study by ONS looked at more than a million properties sold on Zoopla between 2009 and 2016 in England and Wales to see how much buyers and investors value properties near green space and what else impacts the premium. Ordnance Survey’s Open Greenspace data was also used to find public parks, gardens, play spaces, sports facilities and playing fields near properties.
Detached houses near green spaces attracted the biggest price tags with a premium of 1.9%, while flats saw a 0.6% premium. Additionally, having a view of green space or water raised the value even more. This research shows how much homebuyers value purchasing property near green space – information which can also be used by investors when deciding on the most appealing investment option to attract the most tenants.
City centres with green space
Despite urban expansion in UK cities, there are still lush pockets across the nation. Even some of the most densely populated cities are some of the leafiest, like Birmingham and Manchester. Both have industrial backgrounds but are the second and fourth UK cities with the most green space outside of London.
Birmingham and Manchester boast hundreds of parks and green areas, showing Brits don’t necessarily need to live in the countryside to have access to green space. With many benefits coming from living among leafy surroundings, like increased happiness, homebuyers and renters are likely to continue valuing living close to green space.
A large number of BuyAssociation’s investment opportunities are ideally situated close to green space, while having all the amenities of the area on the doorstep – browse our investments page to find out more.