An interesting new home value survey has suggested that a property with a view of one of London’s many garden squares inflates prices by as much as 10%.
The report from letting agent Knight Frank studied the performance of thousands of properties in central London between 2008 and 2014. Findings indicated that houses in addresses such as Kensington Square with garden views performed better than other nearby properties without views.
High-performers
Strong performances were recorded in the SW3 Chelsea and SW7 South Kensington postcode areas, where outperformance was found to be 16.2% and 15.1% respectively.[1]
It was also found that garden squares houses faired better after the downturn caused by the financial crash. Prices for these properties fell by an average of 18%, in comparison to the 24% recorded for prime central London locations as a whole.[1]
Liam Bailey, global head of research at Knight Frank, commented that, ‘ prime property across London has performed strong over recent years.’ He went on to say that, ‘it is still notable however how much more resilient property near garden squares have shown itself to be through the recent circle. It is also instructive to note how one of London’s most iconic urban forms adds value to property.’[1]
The survey from Knight Frank was carried out in conjunction was Earls Court developers Capital and Counties, who are building a new garden square as part of their Lillie Square project.
[1] http://www.standard.co.uk/news/london/view-of-a-garden-square-boosts-london-house-price-by-ten-per-cent-10257436.html