SW Resident: Outside The Box
Fri 31 Jul 2015
If there was ever any doubt that outside space in a London home is highly valued, the latest raft of new developments surely prove this. From gardens in the sky - Battersea Roof Gardens will stretch over 255m -to roof terraces, landscaped public areas and winter garden balconies, the great outdoors is being cleverly aligned with indoor spaces. According to the latest Lloyds Bank Insurance Britain at Home report. 37% of homeowners are spending more time that (1.925/sq ft) in South Kensington. 'Vendors have long been aware of how much value traditional home improvements such as a new kitchen or bathroom can add to a property and this research may just persuade them to convert flat roofs or balconies into habitable outdoor oases,' comments Peter Rollings. CEO of Marsh & Parsons. 'A good garden really draws people to a house and not having one reduces the appeal of a property, particularly the further from the centre that they are in the garden than five years ago, and the looking,' comments Richard Barber of average spend on London gardens is W.A.Ellis. 'A house in Mayfair may not have much outside space but buyers looking in Kensington and Chelsea -often families looking for a year-round home -- require a good-sized, attractive garden. Aspect is also important: south and south-west facing gardens attract a premium. A garden can add 20-25% to a property's value, not to mention the development potential: one can extend into a garden or up to 50% underneath if the house is Grade 11 listed." substantially higher than the rest of the UK at 561 compared with 366.
Meanwhile, recent rsearch from London agents Marsh & Parsons reveals that a roof terrace or a balcony adds an average of 12% to the value of a flat. rising to 25% in Chelsea, while access to a communal garden commands an 11% premium on average, and as much as 20% in Little Venice and Holland Park. Marsh & Parsons estimates that just under a third of flats currently coming on Its no secret that properties on to the market have a balcony, roof London's garden squares are highly sought after. particularly those with access, as Ben Davies of Savills Notting Hill explains: 'These are valued higher terrace or communal garden, attracting more interest and selling faster than equivalent properties with no outdoor space. They estimate that the average price of outdoor space in the capital is 897/sq ft, rising to more than doublethan their direct counterparts without, and in Notting Hill, with one of the highest concentrations of private gardens in London, such properties are among the most prestigious of addresses.' The traditional communal gardens have been emulated by developer London Square. with projects at Fulham and Putney. As well as the landscaped private gardens which come with each house, the square provides a safe place for children to play and a central focus for the community who live there,' says Rebecca Littler of London Square. The Fulham development, for example, has recently hosted an artisan food market. 'Having communal as well as private gardens gives a greater sense of space, whilst providing great views from the houses. Creating stylish, landscaped communal gardens is one of the central points of our schemes as we really see the value in creating a community in each of our developments.' Garden properties do particularly well in the summer, as Choe Leefe of Mountgrange Heritage explains: 'Because the sun makes people happier they are usually more predisposed to buying a property with good outside