The value of a garden in London

• by Private Land Buyer on 18th May 2015
•  London Property, Property Trends, Property Value
•  0 comments

According to a research by Greene & Co, a garden can add an extra 10% to the value of a property in London. Nearly 65% of London’s property searches list outdoor space as a must and properties which meet these criteria are most likely to be sold.

There is a high demand for gardens and very little space. The cause? More and more families decide to stay in the capital to avoid increasing travel costs, so they try to find and settle for a home with a bit of retreat in the backyard. This inevitably increases the prices of garden homes. For example: a flat in Maida Vale selling for an excess of £35,000 over the declared price, to a buyer who had lost out on five other similar properties through sealed bids.

Managing Director of Greene & Co, David Pollock, commented: “Space is at a premium in London, and we are seeing a growing number of homeowners in the Capital seek to maximise the square footage of their home. Properties with outside space are popular with families, but now we are seeing a rise in the number of downsizers, who enjoy gardening, and young professionals looking for additional room to entertain or that always useful outside storage room. Outside space can add 10% to the value of a home. The current housing shortage, combined with a dearth in new properties with usable outside space has created intense competition for these homes and as result the majority go to sealed bids. With the hottest summer on record in the capital, this demand is unlikely to subside and we should expect properties with outside space to continue to lead the curve on house price growth.”