Gardens remain in demand as London flat market continues to boom
The London flat market continues to boom following the Covid-19 pandemic – and a garden remains high on the list of priorities for Londoners looking to buy this year.
An analysis by the property experts at Knight Frank found two thirds of buyers rate a garden or outdoor space as more important than they did one year ago. When asked about the factors that would impact their buying decisions, a garden, outdoor space, or access to land was the single most important attribute to 65 per cent of those surveyed.
Thanks to this rise in demand, the asking price for a flat in the city with a private garden is a staggering 12 per cent higher than one without. To put this into context, according to OnTheMarket data, the average price of a two-bedroom flat with a private garden in the 12 months up until March 2023 was £598,075. For properties without outdoor space, the average price was £533,991.
Knight Frank's senior research analyst, Chris Druce, tells us: 'The central London flat market has come back strongly, in part due to the return of international investors freed from Covid travel restrictions. An outdoor space remains high on buyers’ wish lists after the experience of lockdowns during the pandemic.'
While gardens are in high demand, unsurprisingly, properties with outdoor spaces in the city are rare. According to the Office for National Statistics, one in five households in London do not have access to a private or shared garden – this is the highest percentage of any region in the UK.
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