As Spring approaches with brighter evenings and warmer weather on the horizon, the ‘race for space’ is not over for urban homebuyers looking for a green retreat within the city.
According to the latest market analysis by GetAgent.co.uk*, green-fingered house hunters have been scouring the UK’s biggest city for homes that offer garden spaces to enjoy the best of both worlds, with some prepared to pay a 12.9% house price premium to get ahead of competition. *
Over the course of the pandemic, homes with gardens became invaluable as people were confined to their homes during lockdowns. While Spring and Summer traditionally bring seasonal buyers to the market with a renewed enthusiasm for outdoor space, it’s clear that since the pandemic and an influx of remote work, buyers and sellers
alike have re-evaluated what is needed from their homes.
GetAgent measured the number of homes currently available that come with a garden against overall housing stock levels. The research also looked at what proportion of available homes with garden spaces have already been snatched off the market by eager buyers, and how much of a premium they command compared to their gardenless competitors.
Across the UK, 44% of listings that included gardens are already under offer or have been sold subject to contract (SSTC). Thankfully for homebuyers, while demand is strong for homes with gardens, so too is supply. 81% of all homes on today’s market currently offer some variation of private outdoor space.
But for London buyers, the only region in which garden stock falls below 80%, is the capital, where the number sits at a mere 61%. This, combined with demand for homes with gardens in the city already being extremely high, has applied upwards price pressure on many homes across London.
Despite the rest of the country seeing a healthy supply of gardens, GetAgent’s data revealed that homes listed with a garden in the UK still command asking prices around 12.9% higher than homes without gardens. Based on the average UK house price (£294,329), this equivalates to almost £40,000.
On top of this, the highest premiums in the country were unsurprisingly found in London, where the sparsity of green spaces results in a £70,000 price tag on a home with a garden.
Colby Short, CEO and Co-founder of GetAgent.co.uk, commented: “The garden has always been a desirable property feature as it provides space for relaxation and social interaction with friends and family and this interaction is vital for our wellbeing, something that became particularly apparent during the dark days of the pandemic.
“However, as our research shows, a home with a garden does come at a considerable premium, particularly in more built-up areas where space is limited.
“As a result, many urban homebuyers may find that they are forced to make sacrifices when it comes to the overall size of their home if a garden is a feature that they simply can’t live without.”
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