Homes located near some of London’s most cherished parks are commanding substantial price premiums, new research from Foxtons shows.
On average, properties adjacent to London’s premier parks are priced 53% higher than the broader market, with Green Park leading the way.
Foxtons’ analysis examined house prices in postcodes surrounding 13 of London’s largest and most popular parks, comparing them to average prices across their respective boroughs. The findings reveal that homes near Green Park in Westminster, located within the W1J and SW1A postcodes, are priced at an average of £1.48m. This represents a 55% premium compared to the wider borough’s average house price of £954,279.
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, offering essential green space for residents 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.”