Londoners value a garden and will pay at least a 20% premium for outdoor space, according to Marsh & Parsons.
Their report suggests that comparable properties in the same area can vary significantly in price to the extent that an attractive garden, roof terrace or being near to green, open spaces like a park can add around a 20% premium to the price of a London property.
In Bayswater, for example, there are strong price differences between those properties which boast attractive outdoor space and those which do not with a one-bedroom property with an outdoor patio garden £75,000 more expensive than a comparable one bedroom property, also on the lower ground floor of a building only two minutes’ walk away. This equates to a premium of around 16% for a property of relatively the same size, on the same floor, in the same building and mainly due to one having a private patio.
Peter Rollings, CEO of Marsh & Parsons, said: "In the summer months, Londoners yearn for some outdoor space and the freedom to have an external room in which to entertain. But fulfilling the dream of a countryside idyll in London comes at a premium. In such an urban area, outdoor space is both scarce and expensive. Thankfully, Londoners can also retreat to one of the capital’s treasured parks and green spaces, where it is possible to find a piece of the great outdoors here in the city.
"Location and outdoor space can make the difference between a desirable property and an incredible property with a wow factor. Gardens, roof terraces and the proximity to green space can all add substantial value. Properties without gardens are not as appealing for many home buyers and it can be harder to sell them during the summer months."
A report from Lloyds TSB Insurance earlier this year suggested that homeowners spent an average of £894 on outdoor furniture and decorations for their gardens in the past 12 months, and that the average UK garden is now estimated to be worth nearly £2,000.
The research found that a third said that spending a lot of time outside is the main reason for upgrading their outdoor spaces.