In previous articles we have written about features that add value to a property in London such as proximity to transport links and parks. The latter adds value because so many properties in the capital have no outdoor space of their own. Property website House Simple recently looked at this in more detail.
Their data shows that across the whole of London an average of four in ten properties on the market lack outside space. Central areas had the lowest percentages, including the likes of Tower Hamlets (34.4%) and The City of Westminster (38.4%). Those areas with the highest number of homes with gardens are located in outer Boroughs including Bexley (85.4%) and Bromley (84.2%). Surprisingly it is these same areas that have proven to be very popular amongst buyers in recent years.
When comparing London with other cities in the UK the capital ranks second from bottom in terms of the percentage of homes on the market without a garden (60.5%). Only Liverpool ranks worst (59.6%). In comparison Bristol had the highest (79.6%) and Edinburgh came second (78.5%).
The demand for space in London has put a squeeze on the number of properties that have gardens. Even new-build family homes tend to come with limited outdoor space so that more residences can be created on sites.
The presence of a back garden can increase the value of a property in London, both in terms of the value to buy and the monthly rental fee. So many investors are switching their attention to outer Boroughs like Bexley where they can get more value for their money as well as standing a better chance of finding these invaluable outdoor spaces.
At Finefair we work as a lettings agent in Bexley and know how attractive gardens can make properties. Space is a big selling point for the Borough and is a reason why so many buyers, both owner occupiers and investors, target homes in the area.
If you would like a professional lettings service or property management that will deliver great value please consider us. We also provide guaranteed rent and council leasing services to give investors great opportunities.