Outdoor space in Knightsbridge, Kensington and Chelsea adds up to 20% to the value of a property, independent estate agent Patterson Bowe has found.
The agent has said that gardens, roof terraces, being near to green, square or open space like a park can all substantially contribute to the value of a property in Kensington and Chelsea.
Consequently, property of a comparable size and location with no outdoor space or proximity to a square or park will typically command around £ 80-100,000 less in the market, according to Patterson Bowe’s research.
The agent has said that gardens command the most additional value by adding around 20% to a property’s overall value but that garden squares alone can also add around 15% to the final valuation.
Stuart Patterson, managing director of Patterson Bowe, said: “While the warmer months are upon us, Londoners who are fortunate enough to have their own outside space count their blessings.
“The benefits of London living combined with the luxury of outdoor space are both highly sought after and highly expensive.
“Property with private outdoor space is obviously the most desirable but even those with access to a communal garden square or proximity to a public green space can still add a surprising amount of value; especially in Summer.”