How much can outdoor space boost the value of a London property?
Wed 27 May 2015
If youre one of the lucky Londoners who enjoys the UKs fleeting moments of sunshine on your very own roofterrace or a balcony, you might be pleased to know that it can also add an impressive amount to the value of your
According to research by London estate agents Marsh & Parsons, the presence of an outdoor space typicallyadds 12 per cent to a propertys asking price.
Access to a communal garden commands an 11 per cent premium on average, and as much as 20 per cent inthe highly sought-after Little Venice.
Peter Rollings, CEO of Marsh & Parsons, said: With outdoor space at a premium in the capital, not all propertieshave their own gardens, so roof terraces, balconies and communal green areas can be just as important tobuyers looking to unwind in the open air.
Vendors have long been aware of how much value traditional home improvements such as a new kitchen orbathroom can add to a property and this research may just persuade them to covert flat roofs or balconies intohabitable outdoor oases.
Currently Marsh & Parsons estimates that just under a third of flats that come on to the market have a balcony,
roof terrace or communal garden and says that these properties attract much more interest and sell faster
than equivalent properties with no outdoor space.
It has also calculated that the average price per square foot of outdoor space in the capital is 897.
Paul Hopkins, managing director of property develop St James (London North), said: We always aim to includeprivate external space on all our new build developments.
This is a high priority amongst our buyers, particularly in London, where space comes at such a premium andresidents are looking to buy into a lifestyle rather than just a convenient place to live.
The outside areas at Smithfield Square, St James latest development in Hornsey, have been designed tomaximise the space on offer.
Many of the balconies have been intelligently designed to sit in front of a recessed second bedroom, allowing fora deeper square shaped balcony providing a more usable space for outside relaxation, said Hopkins.
This also allows maximum light to flood into the living areas whilst still providing direct access from the livingroom onto the balcony.