The price of a London garden
As Summer fast approaches, with the sun smiling brightly on London and the prospect of the 100th Chelsea Flower Show just around the corner, attention is swiftly turning to the attraction of a London garden.
According to Marsh & Parsons research, two comparable properties in the same area could vary greatly in price due to the impact of a garden or an outside terrace. A well situated, sunny facing garden can significantly boost the price of a London property, compared to one without, by as much as 20% or more. As the weather improves the importance of a garden or alfresco space such as roof terraces, balconies and gardens becomes an essential “must-have” for buyers.
If we place Notting Hill under the microscope, striking discrepancies exist between property types, specifically those which boast attractive outdoor space. For instance, this two-bedroom property with an outdoor patio garden (http://www.marshandparsons.co.uk/property-for-sale/2-bedroom-Flat-for-sale/Leamington-Road-Villas-London-W11/NKN130088) is £30,000 more expensive than another comparable two bedroom property in the same building (http://www.marshandparsons.co.uk/property-for-sale/2-bedroom-Flat-for-sale/Leamington-Road-Villas-London-W11/NKN130089). That represents a premium of around 5% for a property of relatively the same size, on the same floor and in the same building and primarily due to one having a private balcony.
Marsh & Parsons research suggests that outside space can boost the value of a property by as much as 10%, especially in affluent areas, such as Chelsea where house prices are enjoying the effects of a buoyant market.
In other popular areas of London, gardens and roof terraces can even add a 30% premium. In Fulham for example, two properties in the exact same neighbourhood (both by Lillie road) see a vast difference in pricing. If we compare a two bedroom property costing £470,000 (http://www.marshandparsons.co.uk/property-for-sale/2-bedroom-Flat-for-sale/Humbolt-Road-London-W6/FUL120176)to the same sized property with a roof terrace, the price soars up to £650,000 (http://www.marshandparsons.co.uk/property-for-sale/2-bedroom-Flat-for-sale/Mirabel-Road-London-SW6/FUL120182). That equates to a substantial 38% premium for the property which includes a roof terrace.
Peter Rollings, CEO of Marsh & Parsons, said:
“Gardens and roof terraces can instantly add value to a property. It is more difficult to sell a house without a garden, especially in the middle of a pleasant summer. As the sun beams across London, and people warm to the prospect of BBQs and outdoor socialising, people treat a garden as an essential part of a Londoners lifestyle.”