According to new research, the 'race for space' is far from over. With spring approaching and warmer weather on the horizon, green-fingered house hunters are heading back out in force and prepared to pay a 12.9% house price premium to secure a home with a garden.
Market analysis by estate agent comparison site, GetAgent.co.uk, measured the number of currently available homes that come with a garden against overall current housing stock levels. The research then goes on to look at what proportion of available garden homes have already been snapped up by eager buyers, and how much more money they command compared to their gardenless rivals.
Across the UK, 44% of homes listed with gardens are already under offer or sold subject to contract. Demand is at its strongest in Scotland where 58% of garden homes have already been snapped up, followed by the South East (46%) and the North West (46%).
The good news for hopeful buyers is that, while demand for garden homes is strong, so too is supply. 81% of all homes currently on the market in the UK boast some kind of garden.
In Northern Ireland, this number jumps to 94%, while in the East Midlands, it’s 90%.
In fact, the only region where garden stock falls below 80% is London where it dwindles to 61%, thus providing another obstacle for buyers who already face extremely high house prices in the capital.
Despite a broadly healthy supply, GetAgent.co.uk found that, in the current market, homes listed with a garden still command asking prices 12.9% higher than those without a garden. This is the equivalent of almost £40,000 based on the average UK house price (£294,329).
The highest premiums are, somewhat predictably, found in London where limited space results in a £70,000 price tag placed on a garden. But it’s not just the cramped environment of major urban areas that creates massive garden premiums, as illustrated by the fact that gardens in the South East region cost an average of £52,000.
In fact, even in the North East where the garden premium is at its lowest, buyers must be prepared to pay an extra £21,000 for the luxury.
Colby Short, CEO and Co-founder of GetAgent.co.uk, commented: “The garden has always been a desirable property feature as it provides space for relaxation and social interaction with friends and family and this interaction is vital for our wellbeing, something that became particularly apparent during the dark days of the pandemic.
"However, as our research shows, a home with a garden does come at a considerable premium, particularly in more built-up areas where space is limited.
"As a result, many urban homebuyers may find that they are forced to make sacrifices when it comes to the overall size of their home if a garden is a feature that they simply can’t live without.”