HomePress releasesProperty marketThe London boroughs with the highest homebuyer demand for a garden – and the boroughs where a garden will set you back £166,000 more
The London boroughs with the highest homebuyer demand for a garden – and the boroughs where a garden will set you back £166,000 more
The Chelsea Flower Show kicks off today and research by London lettings and estate agent, Benham and Reeves, has revealed where homebuyers have the best chance of snagging a home with a garden in the current London market, as well as the price they’ll pay for the pleasure.
Benham and Reeves analyzed property stock listed on the current market, revealing what percentage of homes in each borough of London come equipped with a garden, current demand for these properties based on the ratio that are already under offer or sold subject to contract, as well as the price premium they carry.
Garden Availability
The good news is that the chances of finding a home with a garden within the capital are fairly good and, on average, 60% of all homes currently up for sale come with a garden space.
This availability is, of course, far higher across London’s peripheral boroughs, with Havering ranking top where 80% of all current homes for sale have a garden. Bexley also ranks high (79%), as does Waltham Forest (77%), Hillingdon (75%), Barking and Dagenham (75%) and Bromley (75%).
In contrast, homebuyers will find it harder to find a garden property in more central boroughs, with Westminster home to the lowest availability with just 34% of current listings boasting a garden.
Garden Demand
While garden availability is fairly good, homebuyers may have to act fast to secure a property with a garden.
The research by Benham and Reeves shows that 56% of all garden properties have already been snapped up by homebuyers, again climbing as high as 80% in Bexley and 76% in Havering and Waltham Forest.
Homebuyers are less driven by the availability of a garden in Westminster (20%), Kensington and Chelsea (23%) and Tower Hamlets (32%), with these boroughs home to the lowest buyer demand for garden properties.
Garden House Price Premiums
Not only will you need to be quick to secure a London home with a garden, but you’ll also need to pay a premium for the pleasure.
According to Benham and Reeves, garden homes command a premium 12%, that’s almost £64,000 more in the London market compared to a property without a garden space.
In Kensington and Chelsea, however, this climbs to a huge £166,000, with garden house price premiums also topping £100,000 in Westminster, Camden and the City of London.
Director of Benham and Reeves, Marc von Grundherr, commented:
“It’s perhaps a common misconception that London, central London in particular, is awash with apartment blocks that offer little more in the form of outdoor space than a balcony.
The reality is that the London market has a lot to offer when it comes to properties boasting a great garden space and even in the more central boroughs, these homes account for one in five homes currently on the market.
However, if the pandemic has left a legacy where our property preferences are concerned, it’s the greater importance we place on this outdoor space and, as a result, homebuyer demand is high and this means you’re likely to pay a hefty premium. We’re finding that in many cases, properties with a great outdoor space are commanding significantly more than current market values and aren’t even making it to the market before being snapped up.
So while a garden may be preferable, there’s also been a huge increase in demand for more affordable options, with smaller outdoor spaces such as balconies and winter gardens. This small slice of alfresco living is also proving very popular amongst tenants and while a property boasting a balcony space may play second fiddle to one with a garden, it’s certainly no bad investment.”
Table shows the percentage of total current market stock that comes with a garden space
Location
Garden home stock levels
Bexley
79%
Havering
80%
Waltham Forest
77%
Sutton
70%
Bromley
75%
Barking and Dagenham
75%
Hillingdon
75%
Lewisham
67%
Redbridge
74%
Enfield
72%
Harrow
70%
Haringey
62%
Kingston upon Thames
65%
Croydon
70%
Greenwich
63%
Merton
67%
Hackney
41%
Islington
48%
Southwark
49%
Hounslow
64%
Ealing
61%
Newham
56%
Richmond upon Thames
70%
Barnet
61%
Wandsworth
56%
Lambeth
53%
Brent
61%
City of London
40%
Hammersmith and Fulham
50%
Camden
47%
Tower Hamlets
39%
Kensington and Chelsea
50%
Westminster
34%
London
60%
Table shows the percentage of garden properties that have already gone under offer or sold subject to contract
Location
Buyer demand for garden homes %
Bexley
80%
Havering
76%
Waltham Forest
76%
Sutton
75%
Bromley
70%
Barking and Dagenham
70%
Hillingdon
69%
Lewisham
66%
Redbridge
65%
Enfield
64%
Harrow
64%
Haringey
63%
Kingston upon Thames
63%
Croydon
60%
Greenwich
59%
Merton
57%
Hackney
54%
Islington
52%
Southwark
52%
Hounslow
52%
Ealing
51%
Newham
51%
Richmond upon Thames
49%
Barnet
48%
Wandsworth
46%
Lambeth
46%
Brent
43%
City of London
39%
Hammersmith and Fulham
38%
Camden
33%
Tower Hamlets
32%
Kensington and Chelsea
23%
Westminster
20%
London
56%
Table shows the house price premium for a garden in each London borough
Location
Est garden space premium £
Kensington and Chelsea
£165,931
Westminster
£123,884
Camden
£104,488
City of London
£100,764
Hammersmith and Fulham
£92,352
Richmond upon Thames
£91,813
Islington
£83,644
Hackney
£75,811
Wandsworth
£75,611
Haringey
£71,517
Barnet
£70,570
Merton
£67,610
Lambeth
£64,113
Ealing
£63,789
Harrow
£63,736
Southwark
£63,156
Kingston upon Thames
£63,094
Brent
£63,065
Bromley
£58,756
Waltham Forest
£58,530
Redbridge
£57,345
Tower Hamlets
£56,524
Hillingdon
£54,099
Hounslow
£53,446
Enfield
£52,420
Lewisham
£52,301
Sutton
£51,236
Greenwich
£51,131
Havering
£49,840
Newham
£49,143
Croydon
£48,709
Bexley
£46,860
Barking and Dagenham
£40,943
London
£63,586
London garden property stock levels sourced from Rightmove – 18/05/2022
Stock % based on the proportion of total properties in each borough listed as having a garden space.
Buyer demand based on the % of these garden properties that have already been sold subject to contract or listed as under offer. Garden house price premiums based on a 12% premium for a garden home – Source: Zoopla 12% garden house price premium applied to the latest average house price for each borough – Source: Gov.uk – UK House Price Index
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About the Author
Established in 1958, Benham and Reeves is one of London’s oldest, independently owned property lettings and sales agents. With specialism in residential sales, corporate lettings and property management in prime areas of London, the company operates from 19 prominently located branches and 11 international offices.