If you’ve spent any time with an estate agent, you’ll know that south-facing gardens are a big deal. They like to talk about the virtues of these ‘sun traps’ – but do south-facing gardens actually add any real value to your property?
The short answer is no; or at least, not really.
It’s all a sun trap
To cut a long story short, research by Direct Line shows that the benefits of a south-facing garden are not reflected in the asking price of a property.
In fact, south-facing gardens only carry a measly 0.37% premium, when compared to north-facing gardens.
So, although it’s nice to have a back garden that gets the sun for longer, and is generally warmer and brighter, it won’t typically increase the value of your property.
While south-facing gardens don’t add much value, river views add an average of 9%
So what can increase the asking price?
River views
While south-facing gardens don’t add much to your property’s value, river views carry a considerable premium – an average of 9%.
For example, a three-bedroom property in North London with a river view recently had an asking price of £850,000. Unbelievably, that’s 42% more than identical houses in the same development that cost £600,000 but were without a river view.
Which begs the question: is it really worth an extra £250,000 to look out your window and see a river?
Height matters
In big cities, the price of a flat skyrockets the further up a building you go.
According to one developer, for every floor you climb, £15,000 is added to the value. It seems ‘a room with a view’ has taken on a whole new - and more expensive - meaning.
An example of this is a 14th floor flat located five minutes from Angel tube station in London. On the market for £850,000 – it’s 31% more expensive than the exact same property down on the third floor.
So the higher you climb, the higher the price.
But keep in mind, while a property with pretty views overlooking water will probably be more expensive, home insurance may also cost more because of increased flood risk.
