Who doesn’t love a bit of sun in the morning? Open up the curtains, and let that natural light flood into your home. Catch a few rays while relaxing in the garden on a hot day. Sounds perfect to us – so much so [that] people routinely believe a property with a south-facing garden adds more value to their home.
It’s easy for things to become folklore, however. One person offers their opinion and, before you know it, that opinion becomes fact. Well, we’re saying forget what you’ve been told because research has laid to rest the myth that south-facing gardens add a premium to property values
Why do people think south-facing gardens add value?
Most homeowners believe south facing gardens to be a well sought after asset, and they have become desirable because they are thought to be warmer and brighter. The area of the house that is south facing also sees more sunlight throughout the day, which keeps warmer than, say, the north-facing side of a property.
South-facing gardens are often sought-after, but they’re not typically a prime driver for someone buying a home. Subsequently, their impact on housing values isn’t quite as dramatic as you might think.
Research shows south-facing garden don’t impact house prices
A study, commissioned by Direct Line Home Insurance, revealed that a south-facing garden doesn’t add as much value as previously thought. This is despite estate agents and property experts convincing us otherwise.
According to the results, Direct Line concluded that gardens which catch the sun for most of the day only add a measly 0.37% to a property’s value, in comparison to a home that has a north-facing garden. With the UK average house price now at around £231k, this means you will only pay about £850 extra for a suntrap garden.
River views hold more value than south-facing gardens
However, for those of you with a river view, you are in luck. River views attract around a 9% premium when compared to identical properties located on the same development without such views. On that basis, buyers that are searching for a home looking out over a stretch of water could be set back an extra £20k on top of the UK average house price.
A three-bedroom property with a river view in one North London development has an asking price of £850k. This is 42% more than an identical property on the other side of the development, costing just £600k.
New developments come at a premium
The research has also concluded that in many cities, the higher you live in a new development, the higher the premium will be. One developer informed researchers they added a £15k premium to the asking price for every floor.
Inside a development just five minutes from Angel tube station, the apartment on the 14th floor is on the market for £850k. This is a staggering 31% more expensive than an identical property on the third floor. Talk about ‘sky high’ prices.
A room with a view
The research highlights the fact that although the premiums for south-facing gardens are a myth, a room with a view will always carry a hefty price tag. Today people are prepared to pay thousands, if not hundreds of thousands more, for a property that is either located higher within the building, has a slightly more scenic view, or because it looks out over a stretch of water.
Intrigued but need more information, check out some more emoov blogs:
Not ready to go? 😁