The last 15 months have seen a huge rise in demand for property with outside space. The latest figures reveal that having a garden adds 25% more to the average letting price, but this varies drastically when broken down city by city.
In order to establish how much value a garden really adds to the yield of a property, research from Paving Direct looked at the average price of renting a three-bed home in each city across the country on Rightmove.
According to the data, the most expensive gardens in the UK are in Bath where their backyards add over 43% to the average rental price for tenants.
Lancashire and Birmingham also made the list, with gardens in these cities adding over 30% to the average price investors can charge.
By contrast, the research also found the areas where gardens are less likely to impact the yield with properties in Kingston Upon Hull, Sheffield and Leicester ranking bottom of the table.
Cass Heaphy, Digital Director at Paving Direct, said: “Homes in the centre of cities like Bath and Birmingham do not always have a garden, which can drastically increase the price of houses which do benefit from a green space. With the impact of lockdown, we’ve seen demand for paving jump. People have been spending an increasing amount of time in their own homes and want to make the most of their outdoor space.”
“The data here shows just how much value a garden can add to a house and why homeowners need to be making the most of their outside space. Likewise, property investors need to be aware of the opportunity cost of upgrading the garden in their properties, as it can add real value, and higher income.”
“I think one of the key things to come out of the whole lockdown experience for many people is really valuing their garden. It has underscored our appreciation of all the benefits it provides to happiness, health and well-being. That appreciation is only going to increase demand and therefore, more value, to homes with gardens or outdoor spaces.”
While the data shows gardens add value to homes across the country, the research showed less than a 1% price difference between houses with and without gardens in both Sheffield and Hull.