With property prices and space in London at a premium, it’s hardly surprising that having access to private outdoor space, fresh air in the capital, can add around 12 per cent to the value of a property.
That’s according to research by agents Marsh & Parsons.
The estate agent has told City AM that it reckons a bit of outdoor space, either a roof terrace or balcony, will typically add around 12 per cent to the price of a London house or flat, but this can increase to around 25 per cent in Knightsbridge and Chelsea.
A communal garden is the next best thing, where private access can also increase the value of a property by an average of 11 per cent, rising to 20 per cent in more affluent locations.
The average price of outdoor space in the capital, according to the agents, comes out at £897 per sq ft, rising to £1,925 in South Kensington. They say that one-third of London homes have access to some sort of outdoor space. Properties with some outdoor space attract more interest and sell faster than equivalent properties with no outdoor space.
— LandlordZONE® (@LandlordZONE) May 20, 2015