As Tamesiders, we are blessed by having some of nature’s finest countryside right on our doorstep. But looking within the borough itself, what do the green spaces we have contribute to prices and demand for Tameside properties?
Across England and Wales, properties located close to parks, gardens, playing fields and other publicly-accessible green spaces generate a price premium based on latest research figures from the Office of National Statistics. Be it properties for sale or those on the rental market, there’s a real thirst from some to be as close to nature as possible when picking a new home.
Tameside has a combined total of 20 parks stretching across every corner of the borough, with even more green spaces spread out throughout our towns. Hyde and Mossley in particular benefit from their proximity to the Pennines and surrounding countryside.
But to what effect do our varied green spaces have on our local property market?
Tameside houses and apartments located within 100 metres of public green spaces are, on average, £2,500 more expensive than those located more than 500 metres away. This equates to a premium of 1.1%. This proximity can also effect rental figures, with properties residing on the green space boundaries fetching higher rates (subject to location and condition of the property).
Public green space has the greatest impact on the price of Tameside’s detached houses. These homes attract a 1.9% premium if they are within 100 metres of a public green space.
Furthermore, as well as living near parks, gardens and playing fields, having views of open greenery – or stretches of water such as rivers, canals or lakes – from homes can command an even bigger premium. Such views in Tameside typically boost house prices by around £4,600 or 1.8%.
In fact, some of Tameside’s most expensive properties – both on the sales and rental markets – are situated by green space or have direct views over them. At the time of writing, apartments in a development on Birbeck Street in Mossley commanded rental figures north of the £1,000pcm mark; with views out over the town and the surrounding countryside.
The most expensive properties on the sales market also command large sums; typically over the £1 million mark. Several of these properties can be found in Gee Cross with views stretching out over the countryside or over to Manchester city centre.
There are other benefits to living near green spaces as well. The Thriving Places Index found that in areas with more green space, fewer people have severe mental illnesses, and people rate their feelings of anxiety as less severe.
It’s crucial when investing in property that you select the right area to invest in; with individual qualities such as educational facilities, health services, transportation and indeed green spaces all contributing to factors that need to be considered.
If you’d like more advice on investing in property in Tameside, please feel free to give me a call on 07709 505 442.