Buyers will pay a £70k ‘premium’ for homes with ‘desirable feature’

Date:


During the pandemic, homes with gardens were gold dust as people were forced to spend more time at home during lockdown. While homes without outdoor space in cities are growing in popularity, one thing is for certain, lockdowns have made us reexamine what we need from our homes. Despite coronavirus lockdowns now being firmly behind us, a new market analysis by estate agent comparison site, GetAgent.co.uk has revealed that today’s buyers will still pay a premium for a garden.

According to the research, homebuyers will pay a 12.9 percent house price premium to secure a home with a garden which equates to £38,000 on the average UK home. In London, this price premium climbs to a whopping £70,000.

To find out how much buyers are willing to pay for a garden, GetAgent.co.uk looked at the number of currently available homes that come with a garden against overall current housing stock levels.

The research then looked at what proportion of available garden homes have already been purchased, and how much more money they command compared to homes without gardens.

With spring just around the corner, the market will soon be hotting up with buyers out in full force looking for their dream property.

READ MORE: ‘Kill’ bed bugs in a mattress with three easy steps from an expert

And according to GetAgent’s research, a home with a garden is already proving to be popular.

In fact, 44 percent of homes listed with gardens are already under offer or sold subject to contract (SSTC).

Gardens are most in demand in Scotland where a massive 58 percent of garden homes have already been snapped up, followed by the South East (46 percent) and the North West (46 percent).

For buyers worried about missing out, the good news is not only is demand strong for homes with gardens but supply is strong too.

According to the research, 81 percent of all homes currently on the market in the UK boast some kind of garden.

In Northern Ireland, this number jumps to 94 percent, while in the East Midlands it’s 90 percent.

Unsurprisingly, the only region where garden stock falls below 80 percent is London where it dwindles to 61 percent.

Even though there are lots of homes listed for sale with gardens, GetAgent.co.uk found that, in the current market, homes listed with a garden have asking prices 12.9 percent higher than those without a garden.

READ MORE: DIY expert shares six steps to paint a staircase

This is the equivalent of £38,000 based on the average UK house price (£294,329).

While homes with garden space have the biggest price tag in London where buyers on average will pay £70,241 more for a home with a garden, other areas command a large premium too.

Gardens in the South East region cost an average of £52,000 while in the East of England homes with gardens command an extra £47,049.

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 of a garden.

CEO and Co-founder of GetAgent.co.uk, Colby Short, said gardens have always been a “desirable” feature.

He said: “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.”





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

spot_imgspot_img

Must Read

More like this
Related