London is 47% green space. This article looks at the benefits and economic value of urban parks, with London as the focus.
London is greener than most world cities - 47% is green space. The greenest London boroughs are Merton and Richmond, but central London still entertains a high proportion of green spaces, gardens, and parks.
We want to explore the benefits of urban parks and trees in a large city like London. The benefits of parks and trees in urban areas is well-documented, but what are they, and why do many of us want to live near to a park?
Urban parks have a profound impact on our physical and mental health and well-being. They serve as places for leisure and recreation; somewhere we can meet friends and family, get some exercise, sit and read, relax, or simply take a walk. Many London parks, including Hyde Park, are also places of entertainment, hosting a busy schedule of events, community projects, and live performances throughout the year.
It’s estimated that parks save over £900 million per year in health costs. The economic value of urban parks is essentially immeasurable, but if we needed to measure it, research published in the Evening Standard found that for every £1 spent by local authorities on parks in London, the city’s inhabitants enjoy £27 or more in value.
Urban parks and green spaces encourage physical activity, which in turn improves physical and mental health and helps to reduce stress and anxiety. Additionally, links have been drawn between higher levels of life satisfaction and proximity to green spaces, trees and parks.
Urban parks and trees play a crucial role in temperature regulation, flood management, sound absorption, and carbon storage. Trees also improve air quality and provide a source of shade, which is important during the summer months. In addition, trees and green spaces are important habitats for wildlife.
Urban parks serve as a place of inspiration, relaxation, and recreation for Londoners.
Urban parks and property values
Many studies conclude that urban parks have a positive impact on property prices. According to the Natural Capital Accounts for Green Spaces in London report (2017), parks have more impact on property prices than any other type of green space.
So, living close to a public park has a dramatic impact on average property prices and values – and this is true of properties near to Hyde Park. According to the same report, proximity to Hyde Park, which is on our doorstep, or Hampstead Heath, for example, can boost the value of a property by up to £500,000.
It’s true that property buyers attach value to ‘recreation amenity provided by proximity to parks.’ Parks also hold an aesthetic value, and property buyers may place more value on a property if it offers views of a park.
According to research published in the Evening Standard, Hyde Park is the fourth most valuable area of green space in the world, offering value of approximately £18.7billion to the city’s property market.
In a previous article, we looked at the true asset value of trees in Hyde Park
But not only is Hyde Park valuable from an economic perspective, residents also appreciate its aesthetic and recreational value, and the range of events and activities on offer.
Are you looking for property for sale near Hyde Park? Perhaps you want to invest in property in the area?
We specialise in the central London property market in the Hyde Park area and can provide the service you need. Contact us today