31 Jul

Capital gardens boost property prices

Capital gardens boost property prices

A garden may add up to ten per cent on the price of a property in the capital, according to new research.

Having access to an outdoor space could be a lucrative advantage, claims a study from independent agent Greene & Co.

It would appear that London properties that have a garden are the most likely to go to sealed bids and the majority of potential buyers are looking for a home that offers some kind of external space.

Many would-be purchasers are attracted to properties that offer entertaining space, especially during the summer months, while more families are opting to stay in the capital rather than move to the suburbs so there is increased demand for garden access.

According to the estate agents, a one bedroom flat in Crouch End with a garden recently attracted offers is excess of £360,000 and received 58 viewings in just one afternoon. It eventually sold for £50,000 more than the guide price and the sale was completed within six weeks.

"Space is at a premium in London, and we are seeing a growing number of homeowners in the capital seek to maximise the square footage of their home. Properties with outside space are popular with families, but now we are seeing a rise in the number of downsizers, who enjoy gardening, and young professionals looking for additional room to entertain or that always useful outside storage room," said David Pollock, managing director of Greene & Co.
 
He added that the lack of housing availability, as well as a reduction in new housing developments as pushed up the competition for the most desirable properties in the city.

"With the hottest summer on record in the capital, this demand is unlikely to subside and we should expect properties with outside space to continue to lead the curve on house price growth," predicted the agent.ADNFCR-1222-ID-801738900-ADNFCR

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