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Properties around parks cost 90.4% more

Properties around parks cost 90.4% more

Category: Mortgages
22/02/2017

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Living near a park is often on the priority list for house hunters in the city, especially those with small children, but those park-side properties can come with a pretty hefty premium, costing an impressive 90.4% more on average.

Research by eMoov has found that properties surrounding 24 of the UK's best city parks cost 90.4% more than the average UK house price of £206,909 – at a whopping £393,993. However, those desperate for some greenery as part of their city living experience need not despair, as there are still cities where the park premium is manageable.

For instance, properties near the parks in Cardiff only cost an average of 2.1% more, while a property near Richmond Park in London would only cost 1% extra – a small price to pay when considering the £801,978 average that homes in the Borough of Richmond cost overall. Indeed, London unsurprisingly has the largest premium, with park-side properties costing 83% more, resulting in an average price-tag of over £1.1 million.

In contrast, properties surrounding the parks in Birmingham actually cost less than the city average, at £168,721 compared with £176,012. Glasgow, meanwhile, commands a 6.8% park-side premium, though some parks are more desirable than others, with Kelvin Grove Park seeing the highest average, compared with Linn Park which is below the general average for Glasgow (at £154,548 versus £160,096).

So, it's not just living next to a park that counts, but also finding the right park to live next to, with prospective buyers needing to ask themselves whether the park is nice enough to warrant the extra mortgage amount. It seems that the parks of Wales are the least impressive – or the least necessary, considering the greenery apparent in that region – with an average difference of 24.1% there, compared with 39.8% in Scotland and 66.6% in England.

Founder and CEO of eMoov.co.uk, Russell Quirk, commented: "When considering a property purchase, it is easy to get wrapped up in the 'important' factors such as commuter links and the standard of education in the area, but this research shows that even the more social amenities such as parks and open spaces can push up the price of a property.

"Places like parks and other green areas are becoming of greater importance to buyers, particularly those with children or animals, so they can escape the confines of their home. As a result, it is no surprise that living next to a large, spacious park, as with a tube station, can persuade buyers to part with more cash than they might elsewhere."

Of course, house hunting is not just about location, location, location – the house itself also needs to be attractive, as does the mortgage you can get on it. For the latter, why not look at our mortgage Best Buys to see if you can save on your repayments while enjoying the park view of your dreams.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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