Everyone knows a beautiful view can add value to a property, but you may be surprised to learn just how much living near a park can add to the price of your home.
According to new research from online estate agent Housesimple.com, average property prices in streets that are close to local parks are 19% higher than average property prices for the town or city.
This means the price of having a free park on your doorstep adds an average premium of almost £41,000 to the value of your home.
The biggest premium added to a property is Priory Park in Southend-on-Sea, with the value of property close to or overlooking the park 165% or £444,177 more expensive than the average property price for the town.
In Aberdeen’s Westfield Park, the premium to live near a park is a whopping 63%, with average properties costing £360,324 compared to the average property price across Aberdeen of £221,413.
Unsurprisingly, buyers will pay a substantial premium of 85% to buy a property in the streets surrounding London’s Hyde Park – the equivalent of £555,316.
Alex Gosling, CEO of HouseSimple.com, said: “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, and that high demand inevitably impacts on the price they will pay.
“Many buyers may not realise just how much of a premium they could be paying for the pleasure of living close to a ‘free’ park. 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 maybe worth looking at roads that are a few minutes further away.”
| Parks that add the highest average percentage premium on property | ||||
| City | Park | Average property price for town/city (£) | Average property price in streets close to park (£) | Percentage difference (%) |
| Southend-on-Sea | Priory Park | £269,174 | £713,351 | 165.01% |
| London | Hyde Park | £650,862 | £1,206,178 | 85.32% |
| Aberdeen | Westfield Park | £221,413 | £360,324 | 62.74% |
| Newcastle | Town Moor Park | £195,350 | £290,750 | 48.84% |
| Cardiff | Roath park | £182,862 | £272,087 | 48.79% |
| Middlesbrough | Stewart Park | £140,961 | £202,012 | 43.31% |
| Edinburgh | Inverleith Park | £261,258 | £373,710 | 43.04% |
| Oxford | Botley Park | £479,465 | £666,056 | 38.92% |
| Poole | Whitecliff Harbourside Park | £325,365 | £421,105 | 29.43% |
| Norwich | Eaton Park | £248,078 | £314,205 | 26.66% |
| Liverpool | Sefton Park | £156,007 | £196,686 | 26.08% |
| Swansea | Cwmdonkin Park | £166,001 | £204,866 | 23.41% |
| Bradford | Lister Park | £123,402 | £144,737 | 17.29% |
| Bournemouth | Upper Gardens | £269,077 | £303,896 | 12.94% |
| Coventry | Lake view park | £182,862 | £205,870 | 12.58% |
| Parks that offer better value for money to live near to in terms of paying no premium on the average property price | ||||
| City | Park | Average property price for town/city (£) | Average property price in streets close to park (£) | Percentage difference (%) |
| Nottingham | Highfields Park | £175,851 | £148,506 | -15.55% |
| Southampton | Southampton Common | £265,919 | £222,841 | -16.20% |
| Leicester | Appleton Park | £200,949 | £167,885 | -16.45% |
| Birmingham | Brookvale Park | £172,866 | £131,154 | -24.13% |
| Peterborough | Central Park | £205,534 | £148,569 | -27.72% |
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