What were you doing on 20/05/20? Following lockdown rules like the rest of us? We thought so. But as we hopefully return to a greater sense of normality this year, the latest research by estate agent comparison site, GetAgent.co.uk, has revealed where across the nation offers the most and least affordable options for homebuyers who want to hold a Downing Street style garden party just like Boris.
GetAgent analysed each area of the UK property market based on the average size of outdoor space, the added value of this space where house prices are concerned and what this equates to as a house price cost per square metre.
According to data from the ONS, the average size of our private outdoor spaces sits at 332.7 square metres, although this climbs to 418.8 square metres in the East of England – the largest in the UK.
This outdoor space is thought to add 20% in value which equates to £54,302 or £163 per square metre for the average British homeowner. Despite being home to the smallest outdoor spaces on average, London is the least affordable at £525 per square metre of private outdoor space.
No surprise then, that London boroughs also account for the top 23 areas with the most expensive outdoor space costs at local authority level, with Kensington and Chelsea ranking top at a huge £2,948 per square metre.
Westminster ranks second where outdoor space is worth £2,948 per square metre, which Boris and his colleagues will no doubt be happy about, while Oxford is the most expensive place for outdoor space outside of the capital at £426 per square metre.
In contrast, private outdoor space will set you back just £42 per square metre in Argyll and Bute based on current property values and the average size of this space.
The Castle Point area of Essex is also one of the most affordable property hotspots for outdoor space at £52 per square metre, with the Highlands (£54 per sqm), Dumfries and Galloway (£56 per sqm) and Copeland (£57 per sqm) also ranking amongst the most affordable.
Founder and CEO of GetAgent.co.uk, Colby Short, commented: “During the height of lockdown even our outdoor spaces were of little value as restrictions meant that they were off-limits when it came to entertaining friends and family. Unless you reside or work in Westminster that is.
That said, we have a feeling there will be a fair few garden parties happening this year regardless of what happens and so those looking to sell with a good outdoor space shouldn’t struggle to find a buyer.
Depending on where you’re selling the value of this outdoor space will differ although the general rule of thumb is that it’s worth around 20% of your properties overall value.
Of course, presentation is key, so ensuring that this area of your home is as presentable as the rest of it is vital when it comes to securing the very best price for your home.”