Revealed: Private Outdoor space tops list of ‘must haves’ for prospective UK homeowners
Outdoor space for both leisure and practical purposes is the number one priority for UK house hunters, new research has suggested.
The research, which was conducted by leading hard landscaping manufacturer Marshalls, asked 1,000 UK residents for the most important features they look for when deciding on a new property, with gardens and off-street parking coming out top of the list.
It seems that Location, Location, Location may need to be replaced by Gardens, Gardens, Gardens as UK house hunters look to prioritise outdoor space when looking for a new home. Over half of respondents (54%) claimed that a private garden would always be on their ‘must have list’ when looking for a new home, while almost a quarter (24%) state that off-street parking would be the most important feature they’d look out for. Location was the most important factor for only 18%, with the size of the property rounding of the list for 4% of respondents.
With such high demand for outdoor space, it is not surprising to see a private garden or driveway add value to a property. However, by analysing current house listings against UK averages, the research shows that this additional value can vary dramatically depending on where you are in the country.
With available space such a high commodity in the capital, house hunters are going to have to pay well above the city average if they want to secure a home with a garden in London. By analysing a range of properties across the city against the average London house price of £482,200, the study found that properties with gardens are listed at an average of £813,500. While gardens may be the number one priority for house hunters in 2019, those looking in London will have to spend an additional 69% in order to land one. Prospective house hunters in Leeds will find it much easier to afford a new home with access to green space, with houses that have gardens listed at only 10% over the average house price in the Yorkshire city.
With almost half of respondents (45%) complaining about finding a parking spot close to their home, it should come as no surprise to see the market reflecting the additional benefit of knowing you can park right by your front door every day.
As a whole, driveways in Leicester come with the largest premium, adding a further 60% to the average house price in the area. At the other end of the spectrum, properties with driveways in Liverpool and Bristol can only expect to see a 4% increase in asking price, compared to those without this luxury.
While it may seem like a worthwhile gamble to bet on street parking to avoid paying extra for a property with a driveway, the research shows that whilst people may save money on their purchase initially, they will end up paying in different ways in the future.
Residents who rely on ‘on-street’ parking spend an average 7 minutes a day looking for a parking spot close to their homes, working out to a staggering 42 and a half hours each year. More information can be found here: https://www.marshalls.co.uk/homeowners/inspire-me/articles/private-outdoor-space-does-it-really-add-value-to-4790