Ben Lloyd is managing director of Pure Commercial Finance
Having more outdoor space and a well looked after garden can definitely make a difference when selling a residential property. A recent research study from the online estate agents, Emoov, have shown that areas with residential gardens that take up more than 30% of the total house size are a massive 42% higher in prices than the English average.
How this could affect property developers and what features of a garden are particularly appealing to a home-buyer?
The more garden, the more expensive
South-facing gardens and larger gardens for a kids climbing frame and lots of flowers are no doubt big selling points for a property. However, this new research study could have an even bigger influence on property prices than originally thought.
The average price of a house in an area with residential gardens that take up 30% or more of the total landscape is £343,344. This is a whopping 42% higher than the average house price in England, which is just £242,286.
Areas that have between 20-30% of garden average at £303,545 which is a quarter higher than the national average. Locations that have gardens that make up less than 10% have an average house price of £255,159. This figure is 5% higher than the national average.
A recent claim suggested that 37% more Brits are spending more time in their garden than in 2012, which could be a reason for gardens becoming increasingly desirable to home buyers.
Is it just grass that makes a garden more desirable?
The answer to this is ‘no’ – there is a lot more to a garden than having well-kept grass. A survey by SellHouseFast.uk in 2017 discovered that some of the features of a garden that can add value to a property are:
- A decent sized shed
- Good quality paving or patio
- Secure fencing or walls
- Adequate outdoor lighting
What does this mean for developers?
The UK government is encouraging the development of new garden villages, towns and even cities. This will combine the best of the town and country with more jobs, facilities and affordable housing.
Property developers could abandon traditional money-making practices to maximise the number of properties built and opt to build larger homes on a more spacious plot instead. If grants are available, this could make financial sense, however, it is always best to do research and weigh-up the benefits of the options that are available to you.