"All but two of London’s best parks boast healthy house price premiums when compared to the wider boroughs in which they are found."
- Foxtons CEO, Guy Gittins
London’s much loved parks are attracting house price premiums of 53% compared to the wider market average, with Green Park home to the highest premium of the lot, according to new research from Foxtons.
Foxtons analysed current market data looking at house prices in each of the postcodes straddling 13 of London’s biggest and best parks to reveal just how much a park adjacent property purchase will cost you in the capital, before comparing this to the average price across the wider boroughs in which these postcodes are located to reveal what premiums a park house purchase commands in the current market.
The research shows that, on average, purchasing a property close to one of London’s best parks will set you back £802,422 - that’s a premium of 53% when compared to the current average London house price of £523,134.
In fact, all but two of the 13 parks analysed by Foxtons commanded a house price premium for those looking to purchase within walking distance of green space, with Green Park in Westminster topping the table.
The average price of a property surrounding Green Park in the W1J and SW1A postcodes comes in at £1.48m. While the wider borough of Westminster boasts an average house price of £954,279, this means that properties close to Green Park still command a premium of 55% in the current market.
Battersea Park is home to the second highest park property premium across the capital, with the average price of a home across the SW11, SW3 and SW8 postcodes sitting at £927,098 - 50% higher than the wider borough of Wandsworth.
Kensington Gardens is home to the third highest premium at 40% and with an average house price of £1.5m across its surrounding postcodes, it’s also home to the highest average house price of all 13 parks analysed by Foxtons.
However, there are two London parks where surrounding property prices come in at a more affordable level versus the wider boroughs in which they are found.
A property within the four postcodes surrounding Bushy Park in Richmond will cost you an average of £597,543 in the current market - 19% below the wider average of £737,024 for the borough of Richmond.
The average price of a home in postcodes surrounding Crystal Palace park is also some 14% more affordable than the average found across the four boroughs it sits within.
Foxtons CEO, Guy Gittins, commented: “London’s parks are an iconic part of the city’s landscape and they also provide vital green space for those who live and work within the city to relax and unwind, especially when the sun comes out.
"This is vital as it provides them with a place to get out of the house, exercise, meet with friends and family, or simply get some fresh air. All of which are important when it comes to maintaining a healthy lifestyle.
"Of course, this makes them a desirable feature in the eyes of the capital’s buyers and, as a result, properties within close proximity to one of the capital’s best parks don’t come cheap.
"As our research shows, all but two of London’s best parks boast healthy house price premiums when compared to the wider boroughs in which they are found.”
