Park Life. London’s Green Spaces Boost Property Prices

August 7, 2018 By darya_admin

Park Life. London’s Green Spaces Boost Property Prices

London’s Green Credentials Attracting More People Than Ever

People assume that living in London means forgoing the pleasures of the countryside. But it is not the concrete jungle you might think.

It is not until you truly get to know London that you start to understand just what a unique city it is. According to a study carried out in 2014, 47 percent of the city is devoted to green space. Almost half – that is more than any other major city on the planet, with the exception of Vienna.

The notion that when you come to London you are entering a city of fumes and concrete could not be more wrong. Yet it is easy to see how people get that impression, as the green oases are tucked away, out of view of busy roads. That’s great news for residents, and Arsenal estate agents have found that properties close to green spaces are more popular than ever among those who want the convenience of the city with the tranquillity of a local park.

Popularity means value

The desire to live close to green space has caused a spike in property prices close to London’s numerous parks. Across the city as a whole, if a property is within walking distance of a park or garden, it is worth an average £380,000 more than one that is not.

Of course, there are parks and then there are parks. The ones around North London have always been popular among those who need to be close to the city but want room to breathe – but which ones can offer the park life that gives the biggest boost to property values?

Waterlow Park – living the high life in Highgate

This 26 acre park was donated to the people in 1889 by Sir Sydney Warterlow, designed to be “a garden for the gardenless.” Its location on the fringe of one of London’s most desirable suburbs means it has become more of a haunt for the rich and famous in recent years, however, and poet Andrew Marvell is one of a number of famous people to live on its edges. Property in Highgate is not cheap at the best of times, but close to the park, the value goes up by a remarkable 60 percent.

Alexandra Park

Two miles to the north, Alexandra Park lies over a sprawling 80 hectares. While Waterlow Park is a public garden, this is a park in every sense of the word, boasting a range of facilities for sports enthusiasts, children and just those who want to escape the hustle and bustle of the city. Living near Alexandra Park definitely has its bonuses, and houses close to its perimeter can attract a 20 percent premium.

Barnard Park

This is the park that fought back. Way back in the 1800s, the game of cricket was invented just down the road at White Conduit Fields. By Victorian times, the area had been developed and built on, and given its premium location close to Islington and Kings Cross, you would assume it to be lost forever.

Following the devastation of the blitz, the area became a blot on the landscape, a mixture of rubble and prefabs that endured for more than 20 years. When the area was redeveloped, 10 acres were set aside, and Barnard Park officially opened in the 1970s. It is the perfect place for north Londoners to enjoy some tranquillity right on their own doorsteps.

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