Buyers paying a premium for a home with a park view in towns and cities

 
Buyers paying a premium for a home with a park view in towns and cities [Photo: iStock/monkeybusinessimages]

Park views are becoming more popular with those purchasing homes in large towns and cities across the UK, with the average buyer having to pay a high premium for a home that overlooks a park. 

According to a recent study conducted by HouseSimple, the fact that there is a shortage of premium space around parks in these areas has created competition between buyers, and that means prices being hiked for those looking to secure those properties. 

It said that the average property around a park goes for a third more than other homes in the area. This means that buyers are having to spend an extra £78,400 on average when they are looking to secure a park view from their home. 

In fact, in some towns and cities where there is a serious shortage of homes with a park view, houses can be sold for as much as double. This includes cities such as Sheffield, Liverpool, Cardiff, Glasgow and Middlesbrough.

Homes overlooking Endcliffe Park in Sheffield command the highest premium on average, according to the report, which showed that buyers would have to spend 121 per cent more to secure a home there. 

Other parks that can see buyers pay similar premiums include Liverpool's Sefton Park, and Heath Park in Cardiff, both of which see prices 110 per cent or more higher than the average for their areas. 

"In large urban areas 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," said Alex Gosling, chief executive officer of HouseSimple.

"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."