Which London parks demand the highest house price premiums?

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Which London parks demand the highest house price premiums?

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Our attitudes towards where we live have shifted over the past couple of years, with more buyers placing value on living near beautiful green spaces and having access to public parks. 

Living near a park or common, in particular, has become increasingly sought after. Our research shows that buyers are paying, on average, 15% more for properties within close proximity (100m) of a park or common in Inner London, increasing by 6.3% in the last ten years.

Which parks demand the highest premiums?

We found that the highest premiums for homes near parks can be achieved in Inner London locations, where homeowners are least likely to have a garden.

Grosvenor Square Gardens (Mayfair), Ranelagh Gardens (Chelsea) and Green Park (Mayfair/ St James’s) demand the highest premiums for home buyers and have seen the biggest increase in their premiums over the past ten years.

Broadly, the highest value homes can be found surrounding Inner London’s largest parks (>500,000m²). At an average of £1.32m, buyers are paying 18% more to live close by. 

But while the post-Covid demand for outdoor space has underlined the value placed on living near one of London’s best parks, the exceptionally beautiful properties surrounding them complete the appeal.

The top ten

Prime London neighbourhoods based in Westminster dominate the top ten list of parks which have seen the biggest increase to their premiums, with Potters Fields in Southwark the only park in another borough to feature in the top five. 


Outer London’s top parks

Our analysis shows that premiums tend to be lower across Outer London locations (+4% near the largest parks), but the highest premiums are paid near Palewell Common (Richmond), Lloyd Park (Croydon), and Totteridge Green (Totteridge). However, in Outer London there has been no change to the premium.

Regeneration efforts and new housing developments focused on green spaces have also shifted the dial in some areas. While buyers would have previously bought at a discounted rate to live within proximity of Hammersmith Park, today buyers pay a premium due to an influx of new high-value homes. 

Palewell Common and Hampton Court Park have seen the biggest uplift to their premiums – both located in Richmond upon Thames.


For many of our buyers, access to green space is one of the key drivers for their move as the opportunity to live near a London park or common gives them the best of both worlds; life in the capital and a foot in the great outdoors.

 

Further information

Contact Nick Maud or Cory Askew 

 

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