How much extra will you pay to live near a park?
Monday, 6 August 2012 2:18 PM
It is fair to say that London at times can seem like one long, endless concrete jungle.
You can go for miles without seeing a green expanse of any note and this is perhaps one of the biggest complaints among people who live and work in the capital.
However, when London does do green spaces, they are among the most luscious and inviting of any in the world.
Hyde Park Regent's Park and Kensington Gardens attract thousands of visitors every week, from dog walkers, to runners to those who simply want a gentle stroll in nice surroundings.
Given the beauty of the aforementioned places, people are understandably keen to rent property as close to parks as possible.
Many are happy to pay a premium for doing so, however, just how much extra will you have to pay for the privilege?
New research from the rentonomy blog has shed some light on the excess people pay to live within walking distance of the capital's parks and green spaces.
The study looked at the correlation between proximity to the nearest park and levels of rent for two-bedroom properties in tube zones one to three.
According to the research, there is a relationship between the two variables.
The analysis revealed that properties less than half a kilometre from a park average £400 per week. Homes between 0.5km and one kilometre away are on average 25 per cent cheaper to rent.
As well as looking at the average cost in relation to distance, the researchers also explored which parks are the most expensive to live near.
The SW1 postcode dominates the list, with properties near Eaton Square the costliest to rent at £1,011 per week.
Second place went to Hyde Park in the W2 postcode, with weekly rent more than £1,003.
Next in the list is Berkley Square in SW1 with £996, followed by Hans Place also in SW1.
Completing the top five is Belgrave Square, meaning the SW1 postcode featured in four of the top five places.
Cadogan Place was next in the list with an average weekly rent of £924, followed by Cadogan Square with £908. Grosvenor Square took eighth spot with an average rent of £886, with Princes Garden and St James Square completing the top ten with £829 and £799 respectively.
Other notable locations to make the overall list are Portman Square, Holland Park, Golden Square and Thurloe Square.
Given the dearth of green spaces and the difficulty in finding an affordable property with a sizeable garden, it is little surprise that you have to pay extra to live near the capital's parks.
If you are willing to pay extra for the privilege, you should speak with an estate agent with knowledge of the luxury property market to help you find your dream home.
They can discuss your personal circumstances and go through what you are looking for and find houses that fit your criteria. Bringing in an estate agent could potentially save you a lot of time and as speed is of the essence when it comes to living in London, this can be a huge advantage.
If you are especially keen to live near a park, you should also consider living in a flat. Many new apartment blocks have sprung up across London in recent years, so not only can you live near the park, you can enjoy a nice view of it depending on the apartment you ultimately choose.
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Tags:
- london parks ,
- rent a house
