Where London leavers are paying a premium for green space
New research from UK Property Development (UKPD shows that Essex, Kent and Hertfordshire command the highest green space premiums among London’s commuter counties, with homebuyers paying a premium of up to 15.3% to live within a stone’s throw of public green space.
UKPD has compared the average asking price of properties for sale within one mile of public green spaces, including parks, public gardens and sports facilities, with the wider average house price across six London commuter counties.*
The analysis found that Essex commands the largest green space premium, with properties close to public green space carrying an estimated 15.3% premium compared with the county’s wider average house price. Kent follows closely, with a 15% premium.
Hertfordshire ranks third, with properties for sale within a mile of public green space averaging £494,580, compared with an average house price of £467,251 across the county. This represents an estimated 5.7% premium.
The findings challenge the traditional association between commuter-belt luxury and counties such as Berkshire, Buckinghamshire and Surrey, where the premium associated with proximity to public green space is comparatively smaller.
Berkshire records an estimated 5.4% green space premium, with properties near public green space averaging £451,025 compared with a wider county average of £427,261. Surrey follows at 4.4%, with an average price of £544,908 for properties close to green space against a wider average of £521,400.
Buckinghamshire records the smallest premium of the six counties analysed. Properties within a mile of public green space average £492,337, just 1.3% above the wider county average of £485,824.
While the analysis does not suggest that green space is the only factor influencing property values, the higher premiums recorded in Essex, Kent and Hertfordshire indicate the value attached to homes located close to public outdoor amenities within the London commuter belt.
For high-end buyers leaving London, proximity to prestigious green space can form part of the appeal of a property, combining access to the capital with a more spacious and green residential setting.
Andy Morrison, Director of UK Property Development, commented:
“The London commuter belt has long been associated with established luxury markets such as Surrey, Berkshire and Buckinghamshire, but these figures show that the relationship between green space and property value is more nuanced.”
Hertfordshire is particularly interesting. It offers the combination that many London leavers are looking for, access to the capital alongside a more spacious setting and proximity to green space. For the luxury market, that is not simply about finding somewhere with a park nearby. It is about the quality of the setting and the lifestyle that comes with it.”
That is one of the reasons we are seeing strong appeal in locations such as Goffs Oak. At St James View, our new luxury development is designed around the expectations of buyers who want a high-quality new-build home without giving up the connectivity and convenience that makes the London commuter belt so attractive.”
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