Office for National Statistics finds parks add £2,500 to property prices

New ONS analysis has found living near parks, gardens and playing fields can add an average of £2500 to the price of your property.

The analysis used details of more than one million property sales within urban areas in England and Wales between 2009 and 2016 from property website Zoopla to estimate how much homebuyers value nearby green space.

The data showed that properties very near public green spaces attracted a premium – and the more green space nearby, the higher that premium is.

  • Houses and flats within 100 metres of public green spaces are an average of £2,500 more expensive than they would be if they were more than 500 metres away – an average premium of 1.1% in 2016.
  • Public green space boosts the prices of detached houses the most. These homes attract a 1.9% premium if they are within 100m of a public green space, but flats near green spaces are only 0.6% more expensive than those further away.
  • In 2016, having a view over a green space or water boosted house prices by an extra 1.8%, an average of £4,600.

Adam Dutton, Head of Natural Capital at ONS said: “Our analysis shows living near parks, gardens and playing fields or having a view over green space or water can have a real positive impact on the price of your house and the nearer the green space is, the higher the premium.

“We are continuing to uncover and improve our measurements of the ways in which nature impacts on people’s health, wealth and well-being in the UK.”

See: https://www.ons.gov.uk/economy/environmentalaccounts/articles/valuinggreenspacesinurbanareas/ahedonicpriceapproachusingmachinelearningtechniques


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