London Green Space Commands A Price Premium

A home next to one of prime London’s parks costs “up to 100%” more than property further from green spaces, according to estate agents Winkworth.

The “park premium” has increased by +6% over the last decade and apes similar research findings from Savills (with homes averaging a 15% 'green' premium across the capital – getting higher the more central you go.

A setting next to one of PCL’s Royal Parks (Hyde Park, Kensington Gardens and Regent’s Park) “can add between 30% and 100% to the price of a property,” claims the firm.

Green space is “more important than being close to a tube station now,” says Winkworth agency boss Dominic Agace, suggesting that hybrid working, the warmer weather, and a greater understanding of mental health may be behind the trend.

Savills latest research concludes that Grosvenor Square Gardens, Ranelagh Gardens, and Green Park (all in Westminster) have the highest price premiums in central London.

London is one of the greenest global cities, with a 6% growth in premium across the capital over the past 10 years. The average is 15% across London but the more central you get, the bigger the premium. The view is all and the ability to take a walk to a park within 100 metres of your home is prized and is deemed as more important than being close to a tube station now.