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

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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.

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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 said, “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.

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“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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