Does living in close proximity to a park have a positive effect on property value? The experts at Uswitch.com analysed more than 90,000 recent property sales to find out.
UK house prices can be affected by various factors, with location and property type largely considered the two most significant influences on property value. However, a recent 2021 study found 43% of people rank proximity to green spaces as the most important factor when moving home, along with a further 51% of people saying having access to green space would improve their wellbeing. With this in mind, we sought to investigate whether living closer to a park can increase the value of your home.
To find out, we analysed more than 93,000 recent property sales in 69 different counties across the UK and over 10,000 green spaces. From this, we determined whether living closer to a park can affect property values in the UK and what premium home buyers might have to pay to buy a property close to a park.*
Properties in Cambridgeshire situated within 500 metres of a park (equivalent to a five-minute walk) can increase property value the most. According to our analysis of recent property sales in the county, living this close to a park can add approximately £2,533 to your property value overall.
The second highest value increase can be found in the county of West Sussex, based in South East England on the English Channel coast. In this county, homes set within 500 metres of a park can add around £2,349 to the value of a property. The south-western county of Bristol, which has recently been listed as one of the best places to live in the UK, follows closely behind in third. Properties here can fetch an average of £2,206 more money when selling than properties not located within 500 metres (a five-minute walk) of a park - £143 less than second place.
Greater Manchester, voted as the third best city in the world, comes in fourth after our analysis found that living within 500 metres of a park in this metropolitan county can increase property prices by £2,158. This is hardly surprising as Manchester’s popularity is on the rise, and has been listed among the UK’s top spots to invest in the UK in 2021 for its desirability to commuters.
The fifth-largest value increase can be found in London, with properties positioned within 500 metres of a park experiencing a price increase of £1,586 on average. This could be explained by the fact that green space is in high demand in London, as research shows that 71% want local green spaces enhanced. And it’s unsurprising, given that research shows that there are 1.8 million flats, maisonettes and apartments in the capital in 2018, with the majority without a garden.
Neighbouring counties of Northumberland and County Durham have the seventh and eighth-largest increase of all counties in the UK. We can reveal properties situated within 500 metres of a park can expect an average property value increase of £1,555 and £1,492, respectively, in these counties.
However, rounding off the top 10 is Norfolk, based in the East of England. Properties based in this East Anglian county can expect to see an increase in property price by an average of £614. Despite being a stark contrast to properties in fellow East of England county of Cambridgeshire in first place, the county still reaps a price increase nonetheless.
We can also reveal the areas where living close to a park could also decrease the value of a property. Topping the list is the popular south-western staycation spot, Devon, where properties located within 500 metres of a park can actually cause a significant reduction in property value - an average of £2,703 to be exact.
The West Midlands county of Staffordshire comes next, with properties experiencing the second-highest decrease in property value of all counties in the UK. Our analysis of property sales found that homes in the Creative County can have a value decrease of £2,439 on average if situated within 500 metres of a park. Following closely behind is the historic Scottish county of Fife, with properties experiencing a price decrease of £2,418 on average - a difference of £21.
The fourth-largest decrease can be found in the Welsh county of Neath Port Talbot, with properties located within 500 metres of a park experiencing a price decrease of £2,114 on average. Fellow Welsh county of Swansea is also among the areas with the largest drop in property price form being within 500 metres of a park, with homes experiencing a decrease of £1,484 in price. However, this could be explained by the fact that house prices in Wales decreased by 4.0% between June and July 2021 countrywide.
In the South East, properties in Hampshire and Kent located within 500 metres of a park can expect their property to decrease in price by an average of £1,702 and £1,641, respectively. However, Merseyside that follows in seventh is the most surprising. Despite properties in the metropolitan county having an average price decrease of £1,588 if they are situated within 500 metres of a park, house prices are up 10% in Liverpool at an average of £235,000, which is the highest average house price on record.
Rounding off the bottom 10 is Cumbria, based in the North West of England and home to the picturesque Lake District. Properties based in this English county can expect to see a decrease in property price by an average of £922.
The grass might not always be greener on the other side, but if it is, our study can reveal that homes situated nearby may be worth more. In fact, we can reveal that living within 100 metres (or a 1-minute walk) of a park in the UK can add an average of £67,080 to the price of your property. This drops by half, to £33,540, if you live within 200 metres of a park.
As expected, the price increase continues to fall the further a property is from a park, with properties within 500 metres of a park (or a 5-minute walk) increasing by £13,416, on average, around the UK. Comparatively, if your UK property is located approximately 1,000 metres from a park, the price increase drops to £6,708. When compared to properties within 100 metres of a park, that’s a difference of £60,372 (90%).
In our analysis of property prices and their proximity to a park, we also sought to determine whether there is a correlation between property price increases and the type of property.
We can reveal that living in a maisonette can increase your property price by an average of £8,352 - significantly more than any other property type. If you live in a flat situated within 500 metres of a park, you can expect your property price to increase by an average of £1,353, which is £6,999 less than a maisonette (83%). This could be explained by these properties having no outside space to enjoy.
On the other hand, a detached, terraced, and semi-detached house - all property types typically with gardens - have an average property price increase of £1,201, £838, and £688, respectively.
In light of this research, when researching where to move, it is a good idea to consider whether any parks or open green spaces are available in the local area. Always remember, before purchasing a property, be sure to compare mortgages to find the best deal for you.
Uswitch.com sought to determine whether living closer to a park or green space increases overall property value in the UK.
For this study, Uswitch analysed 93,060 recent property sales in 69 different counties across the UK, along with over 10,000 UK green space data.*
The property data was collected from Zoopla after investigating sales property data in the UK from the marketing year 2020 to 2021.
The green space and park data was collected from Ordnance Survey Open Greenspace. The data was filtered to ‘public park or garden’.
BallTree was used to calculate and find the distance between the property and the green space.
A multiple linear regression model was used to complete this study. As many variables can impact property price, the multiple linear regression model allows us to account for all potentially important factors in one model, leading to a more accurate and precise outcome than other simple models that only use one variable.
The data for this study was collected on 23/09/2021 and is accurate as of then but subject to change.
The walking time for distances was calculated using the verywellfit pace calculator.
*Please note: Denbighshire, East Lothian, Surrey, Hertfordshire, Vale of Glamorgan, The Clackmannanshire, Armagh, Buckinghamshire, Falkirk, Londonderry, Midlothian, Moray, Pembrokeshire, Renfrewshire, Rhondda Cynon Taff, and West Dunbartonshire were removed due to insufficient data.