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Gardens can help sellers during difficult housing market conditions
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
New research from eXp UK, the platform for personal estate agents, reveals that a garden can be a massive help when selling a home during these unseasonably cold market conditions, with demand for homes with green space reaching as high as 60%.
With summer in full swing and a period of hot weather upon us, exp UK has analysed current demand levels for homes with gardens in the UK and the price premium that buyers are willing to pay for some quality outdoor space.
Demand is calculated by measuring the number of properties with gardens that are listed for sale against those that are already under offer or sold subject to contract (SSTC). For example, if there are 100 homes and 50 are SSTC, demand is measured at 50%.
The research shows that there are currently 569,208 homes with a garden listed on the market and 263,036 of these homes have already been marked as sold subject to contract (SSTC), putting nationwide demand for garden properties at 46%.
Scotland is home to the highest garden demand with 61% of the available 26,050 properties having already been snapped up.
In the North East, South West, and North West, garden demand is currently 48%, while in the South East, Yorkshire & Humber, and the West Midlands, it measures 46%.
Even in London, where gardens are less likely to be at the top of buyers’ lifestyle wishlists, certainly compared to other regions, 42% of available homes with a garden have already been sold.
For those in London who are selling a home with a garden, demand might be at the lowest level in the UK, but when a successful buyer comes along, they’re going to pay the nation’s highest price premium.
On average, a garden adds an estimated 13% to a home’s value. Based on the current average house price of £285,009, this means the UK-wide garden premium averages £36,766.
In London, however, where the average house price is £523,325, a garden is going to boost the seller’s payday by £67,509.
Adam Day, Head of eXp UK, comments: “Gardens have always been great value-adders in the UK market, not just during the dark days of pandemic restrictions. As a result, demand for a garden property is high pretty much across the board and the addition of a garden will certainly help you attract attention is what has become a slower market in recent months.
“Not only will a garden help attract buyers, but they also add a 13% house price premium which should help sellers negate some of the negative price growth seen since the tail end of last year.”
