Does living near nature boost the value of property?
Living within 100 metres of open green space increases the value of a property by 1.1%, according to recent research conducted by the Office of National Statistics (ONS).
Properties near green space worth more
The research looked at more than a million property sales in England and Wales between 2006 and 2016 to determine if buyers were willing to pay more for a home near green space. Green space is defined as a public park or garden, playing and sports fields, parks, golf courses, allotments and community growing spaces, religious grounds and cemeteries. However, woodland, heaths and other such open spaces were not included.
The ONS found that if a property is within 100 metres of public green space, buyers were willing to spend an average of £2500 more than for one that was 500 metres or more away, that’s a premium of 1.1%. Detached homes benefit the most from being close to green space as they command an even higher premium of 1.9%. On the other hand, flats within 100 metres of parkland only benefit from a much smaller 0.6%.
House price fluctuates according to area
This fluctuation isn’t only reserved to the type of property, but its location too. For example, properties in Bath, the premium was 3.7%, just over £12,300 and in Manchester and Newcastle it was above 2%. On the other end of the scale, the research found homes near green space in Plymouth and Basingstoke were only worth 0.43% and 0.42% more respectively.
In light of the new data, it’s perhaps unsurprising that homes that boast a view, outlook or are surrounded by green space are worth even more than those that are just in close proximity to it. The ONS found that a property where you can actually see the open area is worth an extra 1.8%, which equates to an average of £4,600.
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