Properties with a garden attract a higher premium
June 26, 2017 by Brendan
Property Market
According to a recent survey, home buyers will pay almost £12,000 extra for a house with a garden, with the premium rising to £150,000 in the capital.
Over half of respondents in the survey of 2,000 people by Foxtons estate agency, said that they wouldn’t consider renting or buying a property which didn’t have an outdoor area. According to the poll, the third item on the list of most desired features was a patio or garden. The survey also revealed that 72% would be willing to take out a larger mortgage in order to secure a home with a garden.
In the UK, the average premium is £11,500, although in London the amount rises from £150,000 in prime central locations, to £30,000 in areas on the outskirts of the capital, like Croydon. The survey indicated that there are similarities in requirements when it comes to outdoor space, with the average garden being 45ft in length and 36ft wide, with a garden gnome and 10 different flower species.
A third of gardeners are competitive and will aim to have the lawn and flowerbeds in the best condition. Around 20% of homeowners will hire a gardener to ensure their garden is tip top condition. However, homeowners only enjoy their gardens for an average of 12 hours each month, due to heavy work schedules, hectic social lives and poor UK weather.
If you are considering paying more for the garden of your dreams, it is worthwhile speaking to a CeMAP mortgage advisor.
Written by
Brendan
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