What is the popular feature that adds £78,415 to house prices?

Forget about swimming pools and tennis courts...

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Forget lavish gardens, househunters are willing to pay huge sums for the privilege of a local park, a report has revealed - so much so, that it can add up to £78,000 to the price of a home.

That's according to online estate agent HouseSimple.com , after an investigation found that a home overlooking a field in a popular town or city can add as much as 32% to the price of a property - that's an average of £78,415.

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The report compared average property prices on homes near or overlooking parks in 30 of the UK's biggest towns and cities, including Liverpool, Glasgow, London, Edinburgh and Birmingham.

It then looked at average prices in the area to uncover the premium buyers might have to pay for a park-view property.

In five of the cities that HouseSimple looked at – Sheffield, Liverpool, Cardiff, Glasgow and Middlesbrough - you could be looking at paying twice as much for a property compared to the average for the area.

For example in Sheffield, average property prices overlooking or close to Endcliffe Park are £415,230, compared to a city average of £187,757. That's a hefty 121% premium for a park view.

Similarly, average property prices near Sefton Parkin in Liverpool are £349,929, that's 112% higher than the average for the city at £164,986.

Meanwhile, and perhaps unsurprisingly, wealthy buyers in the capital are willing to pay a substantial premium to live next to London's Hyde Park.

Credits: E+

Housebuyers in Hyde Park are wiling to pay over a million pounds for the privilege

According to HouseSimple, average prices surrounding the Royal Park are within the £1,327,670 region, that's £650,000 more than the London average.

However, park life is not necessarily out of reach. There are still parks in major towns and cities where average property prices are actually lower than the city average - ideal for those after green space without the price tag.

For example, average property prices around Eastville Park in Bristol - at £213,992 - are a third (32%) lower than the average price in the area of £314,629.

Closer to the coast in Southampton, buyers can snap up a home with a view overlooking Southampton Common for £243,219 - that's 16% cheaper than properties in the local area which come in at £289,335 on average.

Alex Gosling, chief executive of HouseSimple said: "In large urban sprawls where many properties don't have a garden or access to a communal garden, living near public parks or green spaces is often one of the top wishes amongst buyers.

"That high demand inevitably impacts on the price people will pay, but many buyers may not realise just how much of a premium they could be paying.

"That doesn't mean there aren't good value properties around some of the UK's urban green spaces, but for real value it's probably worth looking at roads that are a short walk away."


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