THE PARK PREMIUM

My love of gardening is growing as vociferously as a Type 3 Clematis in spring. I just can’t seem to control myself at my favourite garden centre at weekends. I spring out of bed, rain or shine and am waiting by the gate, foot tapping, credit card twitching for them to open. I think I may need some help. Is there a Gardener’s Anonymous? Probably.

But what if you don’t like gardening, but you do like gardens? Looking at them, meandering through them, perhaps with the hounds, on a misty Sunday morning or a lazy, warm afternoon. How about really, really big gardens. Trouble free gardens, that are cared for by a team of professionals, at no extra cost to you and that look like the grounds of a fine stately home. We calls these parks, commons, or heaths. If you own a centrally located town house or apartment, you may have to settle for a garden square, possibly with management fees, but in this case, it is highly likely you will have your own country pile to which to retreat and a team of grounds men.

If you own a property facing a park in London, what you have after all, is the grounds of a “country estate” just outside your window, paid for by the government-slash-tax-payer, kept perfectly manicured, no matter the season. Verdant grounds, flourishing herbaceous borders, mighty mature trees, blossoms in spring, autumnal splendour as the leaves change and fall. Perhaps a silent garden for reading, or a rose garden for the olfactory senses, swimming ponds for a refreshing, high summer dip, a maze to get lost in, or to chase a lover through, giggling like an adulterous Marchioness. A shady bench to sit and ponder life’s wonders or contemplate its hardships. A sparkling boating lake, a clipped cricket pitch, a dusty running track and a quaint tea shop with mismatched vintage cups and saucers. You will just need to tolerate the public sharing it with you of course, but then so do many a stately home in these tough modern times.

London has some of the best green spaces on offer in a city of its size and density. There are eight Royal Parks which were previously hunting grounds of the monarchy It’s easy to spot deer roaming freely in Richmond park today, but you may need to be the Queen to be allowed to shoot one. King Henry VIII, everyone’s favourite morbidly obese, uxoricidal monarch liked the land now called Regents’ Park for deer hunting so much, that he land-grabbed it from the owner in 1538. 

There are four council owned parks including Battersea Park, one of my personal favourites and many other major open spaces, including commons and heaths, such as Wandsworth, Clapham and Hampstead, which are more informal in nature having originally been countryside areas protected from urbanisation. Hampstead Heath is a magical place and one can almost get lost in its vast, ancient woods, play games in its wide expanses of clipped lawns, swim in the ponds or even pretend to be Mr Darcy outside Kenwood House.

Quintessentially, London also has over a hundred prized garden squares, though in the manner of George Orwell’s porcine protagonists, some are more prized than others. So if not all green spaces are created equal, what does the view of a park, heath, common, garden square or village green mean to the value of a property in the capital? While this is by no means an exact science and many factors will influence the final price of a property, we can estimate a premium based on recent sales, historical data and our excellent market knowledge of areas where we sell property.

“In Richmond, properties overlooking Richmond Park or other Royal Parks within the Richmond Borough definitely generate high interest levels”, says Luke Ellwood, head of KF Richmond, “and commands in the region of a 5 to 10% premium, though this is an estimate.”

Similarly in Wimbledon, surely the cleanest of the commons (who can guess why?) a premium for a view is assured. “Good houses overlooking Wimbledon Common would have a premium of 5-10% over neighbouring roads,” says Dominic Pasqua, head of KF Wimbledon. “There have been two instances in the past 2 years where this premium rose to between 20-30%, as they were truly special houses.”

Wimbledon is famous not only for tennis, the fastidious Wombles and the common, but also it has one of London’s most charming villages.

In Queens Park, Laura Dam Villena, office head of KF Queens Park confirms, “ In Queen’s Park you could achieve an average of 15-20% premium to have views over the park itself.”

“The premium in Parsons Green for houses with a park view either of Parson Green itself or Eel Brook Common is likely 15 – 20%.” Says James Davies, head of KF Fulham.

Kris Ericsson, office head of KF Battersea, tells me, “Park views around Battersea Park not only enhances the saleability of the property, but in terms of achievable prices, like for like against a comparable property lacking those views, the difference can be as much as 25%”

Parks offer so much more than just natural beauty. London has no beach and when the sun is out, Hyde Park’s serpentine is the next best thing. Its rammed with sun worshippers and roller skaters, jugglers and other performers, and all manner of the beautiful, strange and wonderful. The fact that it is home to such treasures as the Peter Pan statue, Princess Diana’s memorial, the magnificent Italian Fountains, or the gift of a broken heart that is the glorious Albert Memorial. Bombastic speaker’s corner and my favourite statue in the park, atop the Wellington Monument, Achilles looking heroic, is all secondary to its importance to the city as place for all to enjoy, and on its borders with Knightsbridge some of the world’s most expenses property such as One Hyde Park.

John White, head of KF Hyde Park reports, “Certainly in W2 green views mean one of two things, garden square views or park views. Garden Square views result in approximately a 5% to 10% premium. However, if you’re lucky enough to have views over Hyde Park then the premium could be up to a 20%”

And what of the illustrious garden squares, the envy of everyone. Who can forget Hugh Grant reading his book in Richard Curtis’ Notting Hill, while Julia Roberts stares dreamily into the foliage?

“Unquestionably access to the wonderful communal gardens in Notting Hill add a real premium and are highly desirable/sought after, “ says Caroline Foord of KF Notting Hill. “There is only a finite supply of these wonderful houses,” she continues, “and they arguably provide country style living in the heart of London, and a wonderful arena for children to play safely and provide a social infrastructure. In many instances, buyers are buying the gardens with the house thrown in!”

In Chelsea, says James Pace, head of KF Chelsea, “Garden Squares probably command a premium of roughly 10-15% and hold their value much better than those addresses that are not.”

For those that live in flats, or in houses with small patio gardens, just being near a park can be an attraction for the property and proximity itself can add value. Clearly one can do worse than buying a property near a green space in good old Londinium. In tough times, it seems that these homes will hold their value more than others in the same area. They will always have that edge over other properties and therefore it makes perfect sense that they are more expensive and sought after. But crucially property directly facing one of London’s widely ranging green spaces, is a clear winner when it comes to premiums, desirability and fortitude.