Living near green spaces adds £2,500 to urban home prices
Having a decent view of water also adds a premium to urban house prices in England and Wales, according to the ONS.
A park or public garden close to home is more than just a nice-to-have, data suggests.
Urban properties in England and Wales within 100 metres of green space are typically £2,500 more expensive than if they were located as little as 500 metres away, Office for National Statistics (ONS) analysis reveals.
And it seems having a good view of green space or water – such as rivers, canals or the sea – raises urban house prices even further; an average of £4,600 (or 1.8%) in 2016.
The closer the green space, the better
Property website Zoopla issued the ONS with details of over one million property sales in England and Wales between 2009 and 2016. The ONS also used Ordnance Survey’s Open Greenspace data to assess the size and proximity of qualifying green space.
It found that the closer the green space – including playing fields, allotments and golf courses – and the more of it there is, the higher the property premium.
For houses and flats within 100 metres of public green space, an average premium of 1.1% compared to those within 500 metres was recorded in 2016.
Detached houses attract the biggest premiums
Data analysis shows that green space enhances the value of detached houses more than any other property type – with flats the least affected in terms of premium.
Detached homes attract an average 1.9% price boost if located within 100 metres of a public green space, while flat prices typically rise by 0.6%, compared to those further away.
The analysis drilled down into further characteristics including distance to transport facilities, pollution levels and property type, to ensure an accurate comparison of properties.