Introduction:
In the midst of these unexpectedly difficult market conditions, recent research conducted by estate agent platform eXp UK reveals that having a garden can significantly enhance the chances of selling a home. With summer in full swing and the allure of quality outdoor space growing stronger, eXp UK analyzed the current demand levels for homes with gardens in the UK, along with the price premium that buyers are willing to pay for this desirable feature.
Strong Demand and Price Premium:
Nationwide, the demand for properties with gardens stands at an impressive 46%, with Scotland leading the way at 61%. Gardens have long been recognized as valuable assets in the UK real estate market, not just during the dark days of pandemic restrictions. The addition of a garden to a property not only attracts potential buyers but also adds a noteworthy 13% house price premium, effectively offsetting some of the negative price growth experienced since the latter part of the previous year.
Regional Demand and London’s Unique Position:
Demand for garden properties varies across regions, with the North East, South West, and North West currently exhibiting a demand level of 48%. Similarly, the South East, Yorkshire & Humber, and the West Midlands boast a 46% demand rate. Even in London, where gardens are less prevalent, 42% of available homes with gardens have already been sold.
Although London experiences the lowest level of garden demand in the UK, the successful buyer who does come forward will pay the highest price premium nationwide. On average, a garden increases a home’s value by an estimated 13%. Given the current average house price of £285,009, this translates to a UK-wide garden premium averaging £36,766. In London, where the average house price reaches £523,325, the presence of a garden can elevate the seller’s potential proceeds by an impressive £67,509.
Conclusion:
In today’s sluggish market, characterized by challenging conditions, having a garden has emerged as a substantial advantage when selling a home. The demand for properties with gardens remains high throughout the UK, and the additional value they bring in terms of price premium can offset negative price growth. Whether you are a homeowner or a prospective buyer, it is evident that gardens hold a significant sway in the real estate landscape, making them a worthwhile investment that promises both aesthetic and financial rewards.