The latest research from leading online estate agent eMoov.co.uk highlights how much more a property commands surrounding city parks across the UK when compared to the city as a whole. eMoov looked at eight major UK cities and the average cost of getting on the ladder, compared to the price of property surrounding each city’s best and biggest parks.
Although there are several upsides to city living, lots of green space is not one of them, therefore, living close to a park can come with a premium. eMoov found that property surrounding 24 of the UK’s best city parks cost 70% more on average, then the average UK house (£206,909)
Despite this, there are affordable options within these cities for those with a love of the great outdoors.
Across England, property surrounding the 13 parks included in the research is 67% more expensive than the English average (£282,138).
Average City House Price: £153,646
City Park Average: £215,061
Liverpool’s city park real estate is 39.9% higher than the city’s average property value. A property surrounding the picturesque Calderstones Park costs £249,876, however, Liverpool does offer some more affordable options with Sefton and Otterspool Parks both costing £197,653 on average.
Average City House Price: £167,284
City Park Average: £180,110
Manchester’s park adjacent property values aren’t as expensive as rivals Liverpool at 7.6% higher on average than the city as a whole, but a park side property can still set you back a fair bit. Prestwich Forest Park property costs £193,904 and Heaton Park property costs £198,202, while Wythenshaw Park is £19,059 below the city’s average with a price tag of £148,225.
Average City House Price: £176,012
City Park Average: £168,721
There are more affordable park property options and topping the list for affordability is Birmingham, where real estate surrounding parks is actually lower than the city’s average (-4%). Despite Cannon Hill Park’s higher than average price tag of £227,204, both Sutton Park and Sheldon Country Park have average property values of £118,500 and £160,459, respectively. This makes Birmingham the best option for combining city living and green space in England.
London Average: £603,422
London Park Average: £1,105,366
With the high cost of London property in general, it is no shock that living close to a park will require some additional budget when buying, 83% more to be precise.
Camden Average: £1,063,292
Hampstead Heath Park Average: £1,320,985
Not surprisingly, Hampstead Heath Park, which has some of the most expensive real estate in the country is £257,693 above the borough’s average and £717,563 above London’s average.
Richmond Average: £801,978
Richmond Park Average: £810,279
Property values surrounding Richmond Park in south west London are £8,301 above the borough’s average and £206,857 above the capital as a whole.
Kensington and Chelsea Average: £2,005,744
Hyde Park Average: £1,831,411
Property surrounding Hyde Park is the best place for high end homeowners to look for park side property because the real estate bordering the park is lower than the borough as a whole. But at over £1.8m, it is hardly an affordable option for finding that perfect park side property.
Bromley Average: £478,378
Crystal Palace Park Average: £458,788
There is a silver lining for those looking to invest in affordable property close to green space in London, and that is Bromley. At £458,788, property surrounding Crystal Palace park is £144,634 less than the capital’s average and £19,590 below the borough of Bromley’s average. Therefore, it remains the most affordable space in the capital for urban and green living.
The average property surrounding six of the best parks in Scottish cities is £236,010, a 39.8% increase from the average property across the country.
Average City House Price: £246,275
Park Average: £300,920
Living close to Edinburgh’s Holyrood Park offers a cheaper alternative costing £198,270, but park properties have a 22.1% premium. Prices jump drastically surrounding Inverleith Park (£286,361) and even more so near Princes Street Garden (£418,129).
Average City House Price: £160,096
Park Average: £171,099
Linn Park in Glasgow is £5,548 below the city’s average property value, while Pollock Country Park and Kelvin Grove Park real estate come at a much higher price, resulting in a premium of 6.8% more than the city average for Glasgow’s park bordering properties.
Park side property prices in cities across Wales are 24.1% higher than the cities’ average.
Average City House Price: £216,083
Park Average: £220,723
The Welsh capital’s average property is valued at £216,083 and provides city living coupled with green space at affordable prices. Bute Park real estate costs £196,286 and Victoria Park has an average property value of £202,477. But property surrounding Roath Park is well above Cardiff’s average at £263,407.
Average City House Price: £161,144
Park Average: £201,209
In Swansea, the average property value surrounding three of the city’s biggest and best parks is 28.8% (£40,065) more than the city average.
When considering a property purchase, it is easy to get wrapped up in the ‘important’ factors such as commuter links and the standard of education in the area, but this research shows that even the more social amenities such as parks and open spaces can push up the price of a property.
For families looking to have all the amenities that a city offers but still have green space for their children, Birmingham is an excellent choice with the most affordable options across the city. With the rising prices across London, affordable property surrounding parks is becoming almost impossible to find, although Crystal Palace offers a slight ray of light.
Places like parks and other green areas are becoming of greater importance to buyers, particularly those with children or animals, so they can escape the confines of their home. As a result, it is no surprise that living next to a large, spacious park, as with a tube station, can persuade buyers to part with more cash than they might elsewhere.Russell Quirk