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• Living near parks can increase property values

• Date:

  12th September 2005

• Contact:

  Sarah Egerton

• Organisation:

  The Civic Trust

Properties adjacent to good quality parks have a 5 to 7% price premium over identical properties in the same area, according to a new report from CABE.

Does money grow on trees? looks at how well planned and managed parks, gardens and squares can have a positive impact on the value of nearby properties and can attract inward investment and people to an area.

In contrast, under investment over previous decades in parks and green spaces has meant too many have been allowed to fall into neglect, acting as a magnet for crime and deterring investment in an area.

When people vote with their money it shows what kind of places they want to live in – neighbourhoods with green spaces where children can play safely, where they can easily walk or jog from home to a park for exercise and relaxation. And where there are people, there is a market for businesses to thrive.

In regenerating or creating new residential areas, green space is a vital part of the infrastructure for those living there. The vast majority (83%) of the public believe the appearance of their local area is an important factor in deciding where to live and 91% of the public believes that parks and public spaces improve people’s quality of life.

CABE believes that investment in the creation and care of high quality public spaces produces a long-term dividend – attracting local businesses, visitors and residents. The report celebrates eight parks across the country, including the successful restoration of long term Green Flag Award winner Mowbray Park in Sunderland, which alongside other major regeneration projects such as the Sunderland Museum and the Winter Gardens, has helped to revive the fortunes of the city centre.

Another example is Green Flag Award winning Mesnes Park in Newton-Le-Willows, Merseyside. Improvements to the 8.5-hectare park have resulted in a substantial increase in visitors from 15,000 to 180,000 each year. ‘Since the regeneration began the borough is attracting more national housing developers who previously hadn’t built in St Helens and they’re providing a wide range of quality homes,’ says Brian Johnson of St Helens Metropolitan Borough Council.

Julia Thrift, Director of CABE Space says: ‘Time and again, perceptions of the value of a local area and confidence in its future have been enhanced because of physical improvements to the park. This report shows that people stay and invest in areas with quality green space and this is reflected in house price increases.

“If we invest in the long term quality of green space we can attract the people who will make these areas flourish and prosper.’