Homebuyers paying up to £70k more for a garden
Green-fingered homebuyers paying as much as £70k for a garden in the current market
Market analysis by estate agent comparison site, GetAgent.co.uk, reveals that today's homebuyers will pay a 12.9% house price premium to secure a home with a garden, equating to £38,000 on the average UK home, climbing to as high as £70,000 in London.
To understand exactly how much buyers are willing to pay for a garden, GetAgent.co.uk has measured the number of currently available homes that come with a garden against overall current housing stock levels. The research then goes on to look at what proportion of available garden homes have already been snapped up by eager buyers, and how much more money they command compared to their gardenless rivals.
Spring is in the air and after a chilly winter, meteorologically and economically speaking, house hunters are heading back out in force. With the warm weather soon arriving, GetAgent's research shows that a home with a garden is already hot property.
Across the UK, 44% of homes listed with gardens are already under offer or sold subject to contract (SSTC). Demand is at its strongest in Scotland where 58% of garden homes have already been snapped up, followed by the South East (46%) and the North West (46%).
The good news for hopeful buyers is that, while demand for garden homes is strong, so too is supply. 81% of all homes currently on the market in the UK boast some kind of garden.
In Northern Ireland, this number jumps to 94%, while in the East Midlands it's 90%.
In fact, the only region where garden stock falls below 80% is London where it dwindles at 61%, thus providing another obstacle for buyers who already face extremely high house prices in the capital.
Despite a broadly healthy supply, GetAgent.co.uk found that, in the current market, homes listed with a garden still command asking prices 12.9% higher than those without a garden. This is the equivalent of almost £40,000 based on the average UK house price (£294,329).
The highest premiums are, somewhat predictably, found in London where limited space results in a £70,000 price tag placed on a garden. But it's not just the cramped environment of major urban areas that create massive garden premiums, as illustrated by the fact that gardens in the South East region cost an average of £52,000.
In fact, even in the North East where the garden premium is at its lowest, buyers must be prepared to pay an extra £21,000 for the luxury.
CEO and Co-founder of GetAgent.co.uk, Colby Short, 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."
