Urban properties close to public parks, gardens and playing fields in England and Wales are more expensive than homes further away by some £2,500, a new analysis reveals.
Houses and flats within 100 metres of public green spaces are an average of £2,500 more expensive than they would be if they were more than 500 metres away, an average premium of 1.1% in 2016.
The analysis by the Office for National Statistics (ONS) looked at more than one million property sales in England and Wales between 2009 and 2016 from property website Zoopla to estimate how much homes buyers value nearby green space.
It used maps and aerial imagery to identify public parks or gardens, play spaces, playing fields, sports facilities, golf courses, allotments or community growing spaces, and religious grounds and cemeteries are but not woodlands, heaths and other open spaces that people might use for recreation.
It found that overall, properties very near public green spaces attracted a premium, and the more green space nearby, the higher that premium is and the closer the green space also affected the premium.
Public green space boosted the prices of detached houses the most. These homes attract a 1.9% premium if they are within 100 metres of a public green space, but flats near green spaces are only 0.6% more expensive than those further away.
According to David Westgate, group chief executive of Andrews Property Group, in locations where most nearby properties have been converted into flats that lack gardens, the local park becomes even more important, and that too can drive up prices.
‘Town planners 120 years ago got it right and the creation of open green spaces continues to have huge appeal for local people and exert a material influence on values,’ he said.
