A London estate agent yesterday put a price on having a garden. David Pollock of Greene & Co reckons it can increase a property's value by a tenth.
"Outside space can add 10 per cent to the value of a home," he said. "The current housing shortage, combined with a dearth in new properties with usable outside space, has created intense competition for these homes."
But it's not just families and gardeners who are helping homes with gardens to lead the curve on house price growth; he reckons the demand is fuelled by the growing popularity of entertaining at home.
"We are seeing a rise in the number of downsizers, who enjoy gardening, and young professionals looking for additional room to entertain," he added. "We are seeing a growing number of homeowners in London seeking to maximise the square footage of their home."
The boiling London property market is noticeably being bolstered by homes with gardens, with two-thirds of property searches now requesting outside space.
The majority go to sealed bids, he added.
In one recent example in Crouch End, north London, a one-bedroom garden flat, marketed for offers in excess of £360,000 received eight offers, and sold for £50,000 over the guide price.Reuse content