How important is outdoor space to you when you are thinking of buying a property?
For me, it is vitally important. I absolutely love to sit in the garden with a book and soak up the sun. Or I like to sit out in the evening with a cold glass of wine and relax. I love to grow flowers, plant veg and watch my children play. Outdoor space is just as important to me as indoor space, possibly even more so?
Not only is it hugely important to me – it is important to most people it transpires. Private outdoor space tops the list of ‘must haves’ for prospective UK homeowners. But oh my goodness does it add some cost to your potential property purchase!
So how much more might you pay for a garden?
Prepare to be shocked!
Having a garden increases the average UK house cost by up to 31% on the average for the area, resulting in an average cost increase of £71,391. That’s a little bit eye-watering, isn’t it! Wow.
London, Leicester and Nottingham show the most dramatic house cost rise to secure a garden. I live in Nottingham – that does explain a lot actually! Nottingham homeowners can expect the value of their property to almost double (48%) if it comes with a decent-sized patch of green grass or a private paved garden, This takes the average house price up to £228,994.50.
And how much more might you pay for off-road parking and driveways?
Driveways and off-street parking will result in a 29% UK house price increase on the average for the area, resulting in an average cost increase of £66,785.
Oh, my word.
UK residents without off-street parking spend an additional 7 minutes a day looking for a parking spot close to their homes. How very annoying that must be to so many people. I don’t know what it is about the Midlands but turns out driveways in Leicester come with the largest premium, adding a further 60% to the value of homes in this area.
Now gardens and driveways are big, important bonuses in my book but I am blown away by the additional costs these incur and also on the upside the huge value they add.
We have always known people in the UK love their garden and that they hate inconvenience but it is totally amazing how much more they will pay for these aspects.
Pop over to Marshalls if you would like to read more of this fascinating report and find out the impact outdoor space has on where you live!