Homes close to prime London’s parks command up to 100 per cent premium

Living next to one of prime London’s parks can mean a premium of up to 100 per cent on the value of a home within a short walk, according to the latest research from leading estate agents Winkworth.

Even a local park in the capital can add around 15 per cent to the value of a house or flat. The closer to the centre of London and royal parks such as Hyde Park, Kensington Gardens and Regent’s Park, can add between 30 per cent and 100 per cent to the price of a property.

In the latest episode of Winkworth’s Property Exchange podcast, Chief Executive Dominic Agace revealed the latest green space premium. He told the podcast: “London is one of the greenest of global cities. There has been a six per cent growth in premium across the capital over the past 10 years, exacerbated by the pandemic and the greater understanding of the impact on mental health. The average is 15 per cent across London but the more central you get, the bigger the premium. The view is all and the ability to take a walk to a park within 100 metres  of your home is prized. It’s more important than being close to a tube station now. People are happy to walk a bit further to the station but they want to be as close as possible to a good park. It’s getting hotter and greenery is essential.  London is five times greener than New York. We have some beautiful parks across the capital. We want the buzz of London living but we need the green space for some calm.”

Neil Sloam, of Winkworth’s Belsize Park, West Hampstead,  St John’s Wood and Maida Vale offices, highlights the premium commanded by Regent’s Park, Hampstead Heath and the local parks of this corner of north-west London, where homes range from large rambling period houses to smart, portered  mansion flats.

He told the podcast: “I grew up in St John’s Wood and a day on Hampstead Heath was considered to be a day in the country, as it feels so green and rural.  In St John’s Wood, the closer you are to Regent’s Park, more you pay.  A home with a view over Regent’s Park will command from £1.5m to £9m.   A lot of people ask for that outlook and that’s why people are prepared to pay a premium. However, we are seeing some changes in the type of buyer. We are now seeing people buying forever homes, rather than for occasional use.  People are surprised about what they can now get for their money.”