Urban house value boosted by proximity to public green space
16 October 2020
Homes close to parks, public gardens, playing fields and other public green spaces in England and Wales are more expensive than they would be if they were further away, according to Valuing green spaces in urban areas: a hedonic price approach using machine learning techniques, a new report released on 14 October 2019 by the Office for National Statistics (ONS).
The ONS analysed more than one million property sales in England and Wales between 2009 and 2016 from property website Zoopla, combining it with Ordnance Survey’s Open Greenspace data to estimate how much green space is valued.
Urban properties within 100 metres of publicly accessible green spaces were an average of £2,500 more expensive than they would be if they were more than 500 metres away in 2016 – an average premium of 1.1%.
A view of green space or ‘blue spaces’ – water such as canals, rivers, lakes, or the sea – further increased house prices by an extra 1.8% – an average of £4,600.
The analysis included public parks and gardens, play areas, playing fields, sports facilities, golf courses, allotments, and religious grounds or cemeteries, but excluded woodlands, heaths or other open spaces.
It took account of characteristics such as type of property, number of bedrooms and area, and allowed for such factors as air and noise pollution levels, distance to public transport facilities, and distance to local schools.
The research found that public green space has the biggest effect on the prices of detached houses. These attract a 1.9% premium if they are within 100 metres of a public green space, compared to a premium of 0.6% for flats.
To read the full ONS report, click here.