Just how much will a park view cost you?

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Buyers will pay a third more for a property with a park view

Public green spaces in major urban areas are scarce and not surprisingly if you want to live overlooking a park you can expect to pay for the privilege. According to new research by online estate agents HouseSimple.com, overlooking or living close to a park adds on average almost a third (32%), or £78,415, to the price of a property.

The research looked at average property prices close to or overlooking a main park in 30 of the UK’s major towns and cities and compared prices to the average for the area to see what premium buyers might have to pay for a property.

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

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

As you might expect, buyers will pay a substantial premium to purchase a property in the streets surrounding London’s Hyde Park. According to HouseSimple.com research, average prices surrounding London’s largest Royal Park are £1,327,670, more than £650,000 more than the London average.

However, park life is not necessarily out of reach. There are still parks in major towns and cities where average property prices are actually lower than the city average. For example, average property prices around Eastville Park in Bristol, at £213,992, are a third (32%) lower than the average price in the area of £314,629.

The following table shows the parks that add the highest average percentage premium on property prices to live near:

City

Park

Average property price for town/city (£)

 Average property  price in streets close  to park (£)

Percentage difference (%)

Sheffield

Endcliffe Park

£187,757

£415,230

121%

Liverpool

Sefton Park

£164,986

£349,929

112%

Cardiff

Heath Park

£233,833

£492,328

111%

Glasgow

Kelvingrove Park

£175,295

£357,813

104%

Middlesbrough 

Stewart Park

£143,282

£287,052

100%

London

Hyde Park

£673,344

£1,327,670

97%

Sunderland

Backhouse Park

£140,384

£244,316

74%

Nottingham

Highfields Park

£188,662

£289,335

53%

Edinburgh

Inverlelith Park

£268,282

£385,674

44%

Birmingham

Cannon Hill Park

£188,235

£268,860

43%

Leeds

Horsforth Hall Park

£204,766

£278,679

36%

Ipswich

Christchurch Park

£263,151

£346,772

32%

Swansea

Cwmdonkin Park

£167,271

£217,935

30%

Newcastle

Town Moor Park

£203,812

£258,542

27%

Luton

People’s Park

£261,207

£315,892

21%

 

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:

City

Park

Average property price for town/city (£)

 Average property  price in streets close  to park (£)

Percentage difference (%)

Bristol

Eastville Park 

£314,629

£213,992

-32%

Leicester

Abbey Park

£216,785

£177,031

-18%

Plymouth

Ford Park

£200,459

£164,845

-18%

Southampton

 Southampton  Common

 £289,335

£243,219

-16%

Alex Gosling, CEO of HouseSimple.com comments: “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.”

 

 

 

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