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the London parks that add most value to nearby houses and the best-value green space to live near

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Wed 27 Jun 2018

the London parks that add most value to nearby houses and the best-value green space to live near

With the Queen’s Club Championships under way and Wimbledon about to start, new research shows an average home near the All England Lawn Tennis Club in SW19 now sells for £1.38 million, which is more than double the average £650,000 for the Merton borough in which it sits.

More generally, homes within an easy walk of a London park or garden square are worth an average £380,000 more than those further from green space, according to latest data from Savills.

The findings come as London Mayor Sadiq Khan announces a new wave of investment in parks in a bid to have the capital declared the world’s first National Park City.

The new figures reveal the average selling price of houses and flats within 100 metres of one of the capital’s main parks.

Wimbledon new-build homes on 25-acre estate with fast links to London

Homes across all boroughs containing at least one registered park or garden – those considered to be of interest by Historic England – sell for an average of just over £893,000 according to the research.

A straw poll of popular parks across the capital found buyers pay the most to live on the fringes of Wimbledon Park.

Buyers must pay a premium of around 60 per cent to live close to either Richmond Park, in south-west London, or Waterlow Park, in Highgate, north-west London.

Homes close to Wanstead Park in east London, Lamorbey Park, in Sidcup, on the fringes of Kent, and Battersea Park command comparatively modest premiums of around a third.

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Park yourself: homes near popular London parks, such as Battersea Park, command a price premium (Alamy Stock Photo)

Buyers keen to live within a swift stroll of Alexandra Park, in north London, need to pay around 20 per cent above the average price of a home elsewhere in Haringey.

But soaring prices across Hackney and Tower Hamlets mean that there is no significant premium to live on the fringes of fashionable Victoria Park.

The park premiums paid around London reflect the desirability of living near open space. But they also have more practical origins.

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“During the late 18th and early 19th centuries, public gardens across the capital were created to support the wellbeing and health of London’s residents,” explained Frances Clacy, research analyst at Savills.

“At the same time, London’s wealthy merchants were commissioning the grand detached homes which still line the likes of Dulwich Park and the approaches to Richmond Park. These substantial homes have remained extremely desirable and there’s a real premium to be paid for their park frontage position, history and character as well as the extensive accommodation that they offer.”

On a more modest scale, Edwardian houses built on leafy streets around parks often tend to be the grandest properties in their local area, commanding higher prices thanks to their larger square footage.

A £2 million tranche of funding announced last month will help pay for the restoration of Albany Park in Enfield, where average properties sell for £460,000, and Beckenham Place Park in Lewisham, where homes sell for an average £477,000.

London's park premiums

Park Boroughs Average sale price near park Average borough sale price Price difference Price premium
Wimbledon Park  Merton & Wandsworth £1,376,788 £653,474 £723,314 110.7%
Richmond Park Kingston upon Thames, Richmond upon Thames, Wandsworth £1,033,330 £622,804 £410,526 65.9%
Waterlow Park Camden, Islington, Haringey £1,234,500 £763,328 £471,172 61.7%
Wanstead Park Redbridge, Waltham Forest £578,861 £427,813 £151,049 35.3%
Lamorbey Park Bexley £455,692 £337,627 £118,065 35.0%
Battersea Park Wandsworth £950,357 £734,575 £215,782 29.4%
Alexandra Palace Haringey £772,207 £630,679 £141,528 22.4%
Victoria Park Hackney, Tower Hamlets £550,277 £544,379 £5,898 1.1%

 

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