Invest in your garden to beat housing slump
New research from Yorkshire Bank has found that homeowners think their garden is worth over £9,000 - with those currently without one willing to shell out over a third of their annual salary to add one to their property.
As the housing market contracts, Yorkshire Bank's quarterly Homebuyers Report found that many are looking at gardens as a way of adding value to their existing properties, while enjoying the benefits they bring to their quality of life. The investment however, seems justified - 90% of those with gardens say they use it at least once a week, while a staggering two-fifths (41%) say that they make the most of their gardens by using them every day.Yorkshire Bank's research also found that the top uses for British gardens spanned both practical and social activities - with providing an area to hang out washing topping the poll, closely followed by offering a space for socialising and an area for the kids to play in. Other favoured uses include gossiping with neighbours over the garden fence, playing sports and exercising.Gary Lumby, Yorkshire Bank's head of retail, said:
"As the housing market continues to slowdown, many are looking at ways of adding value to their homes. Our research shows that gardens are highly prized and with so many willing to pay a premium for outdoor space, investing in your current garden could see the value of your house grow."The value placed on a garden also appears to mature over time - while first time buyers valued a garden at £4,361, more established homeowners are willing to pay as much as double this figure, with their valuation reaching at a staggering £11,932. The value of a garden also seems to vary with age - those in their forties will pay the most for a garden than any other age group - £11,650, compared to just £7,333 for those in their twenties and £8,363 for pensioners.
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