Londoners paying property premiums of £245 per square metre to live near green space

April 11, 2019

With the lighter evenings and summer on the way, independent London estate agent, Benham and Reeves, has looked at the cost of property when considering green space across the capital and which borough offers the best bang for your buck where both property prices and plenty of green space are concerned.

On average across London’s boroughs, 31% of the landscape is covered by green space and with an average house price of £530,201, Londoners are paying £245 per square metre in property prices for the privilege of their parks and outdoor space.

Of course, the abundance of green space available differs from borough to borough and while Havering is home to the largest as a percentage of overall land at 59%, the City of London offers green space totalling just 5% of the boroughs overall landscape.

But for those looking to buy, Benham and Reeves has looked at where offers the best option when considering the cost of property in relation to the amount of green space available.

The cheapest is Bromley, where 58% of the borough is classed as green space and with an average house price of £443,289, Bromley is home to a green space property cost of just £5 per square metre.

Havering (£6) and Hillingdon (£7) are also home to a property to green space cost of less than £10 per square metre. Enfield and Croydon are also home to some of the greenest affordability in the London property market.

However, at the other end of the table and with green space accounting for just 5% of the borough’s total land, the City of London’s high property prices mean homebuyers are facing a cost of £5,368 for every square metre.

While green space accounts for slightly more of the landscape in Kensington and Chelsea (15%), the borough is also home to a property to green space cost of £753 per square metre. Islington, Hammersmith and Fulham, Westminster, and Camden are also home to some of the worst ratios for property price affordability and plenty of green space.

Director of Benham and Reeves, Marc von Grundherr, commented:

“In any city, the availability of green space, parks and other areas in which to spend the long summer days are going to be sought after amongst home buyers as, unlike those in the rental sector, they are committing to a longer life in their chosen location and often the next stage of family life.

Across both the rental and sales sector, properties with a balcony can often command a far higher price, particularly if they aren’t close to a park or open space, simply due to the fact that we love to have the option to sit outside when possible.

But the great thing about London’s market diversity is that living close to green space doesn’t necessarily have to break the bank and when looking to the capital’s peripherals, in particular, you can secure far more green space for a much more affordable property price.

Depending on your lifestyle, the close proximity of green space can be up there with other important amenities and so for those looking to sell in these tougher market conditions, showcasing surrounding features such as a great park, is as important as showcasing the property itself. ”

Best Buys for Affordable Green Space
Local Authority Name
Total Greenspace (m2)
Total Land (m2)
% of Green space
Average House Price
Average Price Per M2 of Green Space
Bromley
86775
150184
58%
£443,289
£5
Havering
66589
112245
59%
£373,653
£6
Hillingdon
56899
115576
49%
£413,038
£7
Enfield
37408
81995
46%
£388,185
£10
Croydon
32037
86350
37%
£360,905
£11
Worst Buys for Affordable Green Space
Local Authority Name
Total Greenspace (m2)
Total Land (m2)
% of Green space
Average House Price
Average Price Per M2 of Green Space
City of London
162
3346
5%
£868,258
£5,368
Kensington and Chelsea
1869
12367
15%
£1,407,430
£753
Islington
1836
14838
12%
£631,737
£344
Hammersmith and Fulham
3354
17581
19%
£732,206
£218
Westminster
4775
22216
21%
£959,466
£201

 

Top 5 – Green space Land Area %
Rank
Local Authority
% of Green Space
1
Havering
59%
2
Bromley
58%
3
Richmond upon Thames
51%
4
Hillingdon
49%
5
Enfield
46%
Bottom 5 – Green Space Land Area %
Rank
Local Authority
% of Green Space
1
City of London
5%
2
Islington
12%
3
Kensington and Chelsea
15%
4
Tower Hamlets
15%
5
Lambeth
17%

 

Local Authority Name
Total Greenspace (m2)
Total Land (m2)
% of Green space
Average House Price
Average Price Per M2 of Green Space
City of London
162
3346
5%
£868,258
£5,368
Kensington and Chelsea
1869
12367
15%
£1,407,430
£753
Islington
1836
14838
12%
£631,737
£344
Hammersmith and Fulham
3354
17581
19%
£732,206
£218
Westminster
4775
22216
21%
£959,466
£201
Camden
5412
21834
25%
£788,656
£146
Hackney
4427
19058
23%
£536,344
£121
Tower Hamlets
3751
24677
15%
£421,131
£112
Lambeth
4656
26981
17%
£502,321
£108
Haringey
7538
29556
26%
£543,143
£72
Southwark
7271
29202
25%
£501,456
£69
Wandsworth
9384
34851
27%
£606,479
£65
Lewisham
7928
35219
23%
£405,135
£51
Brent
9505
43315
22%
£476,933
£50
Newham
8785
36816
24%
£357,612
£41
Merton
12973
37518
35%
£513,077
£40
Waltham Forest
12173
38783
31%
£433,988
£36
Kingston upon Thames
13567
37237
36%
£471,659
£35
Ealing
17127
55443
31%
£497,073
£29
Sutton
14103
44010
32%
£381,289
£27
Harrow
17432
50434
35%
£452,046
£26
Barking and Dagenham
12477
37160
34%
£299,399
£24
Greenwich
16458
47869
34%
£386,899
£24
Richmond upon Thames
29721
58553
51%
£653,388
£22
Redbridge
22954
56525
41%
£426,165
£19
Hounslow
22466
56707
40%
£406,300
£18
Bexley
22551
71157
32%
£341,060
£15
Barnet
35799
86643
41%
£516,916
£14
Croydon
32037
86350
37%
£360,905
£11
Enfield
37408
81995
46%
£388,185
£10
Hillingdon
56899
115576
49%
£413,038
£7
Havering
66589
112245
59%
£373,653
£6
Bromley
86775
150184
58%
£443,289
£5
London Average
£245

 

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