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How much do you pay for a view of a London park?

  London’s parks are one of the city’s great treasures and loved by tourists and Londoners alike. Throughout history, London has resisted the urge to build on green space, despite many of the city’s parks existing in some of the most prestigious property hotspots. As a result, London is the greenest capital city in Europe. Almost 40% of greater London is green space, covering an area totalling 173 square km. For those looking to buy in London, access to green space remains high on their wish lists. And for those looking for direct park views, homes come at a price premium. A comparison of the price of flats sold on roads which run directly alongside or overlook some of London’s most famous parks, with those on neighbouring streets without park views, shows that there is a clear price premium for direct park views. Furthermore, the premiums vary according to the park in question. In south London, buyers looking to live in a flat adjacent to Battersea Park, where there is an abundance of wildlife, gardens, lakes and trees, have been paying a premium of 14% to do so (since January 2013). Flats overlooking Greenwich Park and Wandsworth Common command a similar premium; of 13% and 12% respectively. In prime areas of the Capital, the cost of park views can be even higher. Indeed, views of Hyde Park, which is one of London’s eight Royal parks and covers 350 acres, generate the biggest premiums of all the London parks. On the north side of Hyde Park, flats with direct park views are 36% more expensive than those without direct views. The premium rises even higher on Hyde Park’s south side, which includes parts of Kensington and Knightsbridge, home to some of London’s most prestigious shopping and upmarket homes. Here, flats with exclusive Hyde Park views command the highest premium of all the parks surveyed, at 59%. If we go back further and explore the past decade, we can see further evidence that those buying homes beside some of London’s most sought after parks have seen their properties significantly outperform those further away. In prime central London, new developments such as 1 Hyde Park and The Lancasters overlooking Hyde Park have moved park side living into a different league. Properties overlooking the north side of Hyde Park have seen prices rise by 210% in the past decade, outperforming the still significant growth in streets further from the park (126%). To the south side of Hyde Park a similar phenomenon has occurred, with new development leading to significant price growth. In the past decade, the average value of park side properties sold has increased by a staggering 372%, compared with 210% for homes further from the park. It’s testament to the resilience of London’s planners’ overs the years that, despite the chronic shortage of housing, the temptation to build on parkland has been largely resisted. However, as a result, a room with a view has never been such a prized asset. Table 1 – Premiums for streets adjacent to London parks   Source: Land Registry/Lonres

 

Winkworth blog_June_v2

London’s parks are one of the city’s great treasures and loved by tourists and Londoners alike. Throughout history, London has resisted the urge to build on green space, despite many of the city’s parks existing in some of the most prestigious property hotspots. As a result, London is the greenest capital city in Europe. Almost 40% of greater London is green space, covering an area totalling 173 square km.

For those looking to buy in London, access to green space remains high on their wish lists. And for those looking for direct park views, homes come at a price premium.

A comparison of the price of flats sold on roads which run directly alongside or overlook some of London’s most famous parks, with those on neighbouring streets without park views, shows that there is a clear price premium for direct park views. Furthermore, the premiums vary according to the park in question.

In south London, buyers looking to live in a flat adjacent to Battersea Park, where there is an abundance of wildlife, gardens, lakes and trees, have been paying a premium of 14% to do so (since January 2013). Flats overlooking Greenwich Park and Wandsworth Common command a similar premium; of 13% and 12% respectively.

In prime areas of the Capital, the cost of park views can be even higher. Indeed, views of Hyde Park, which is one of London’s eight Royal parks and covers 350 acres, generate the biggest premiums of all the London parks. On the north side of Hyde Park, flats with direct park views are 36% more expensive than those without direct views.

The premium rises even higher on Hyde Park’s south side, which includes parts of Kensington and Knightsbridge, home to some of London’s most prestigious shopping and upmarket homes. Here, flats with exclusive Hyde Park views command the highest premium of all the parks surveyed, at 59%.

If we go back further and explore the past decade, we can see further evidence that those buying homes beside some of London’s most sought after parks have seen their properties significantly outperform those further away.

In prime central London, new developments such as 1 Hyde Park and The Lancasters overlooking Hyde Park have moved park side living into a different league. Properties overlooking the north side of Hyde Park have seen prices rise by 210% in the past decade, outperforming the still significant growth in streets further from the park (126%).

To the south side of Hyde Park a similar phenomenon has occurred, with new development leading to significant price growth. In the past decade, the average value of park side properties sold has increased by a staggering 372%, compared with 210% for homes further from the park.

It’s testament to the resilience of London’s planners’ overs the years that, despite the chronic shortage of housing, the temptation to build on parkland has been largely resisted. However, as a result, a room with a view has never been such a prized asset.

Table 1 – Premiums for streets adjacent to London parks

chart_parks

 

Source: Land Registry/Lonres

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