Prime Resi: Russell Simpson Chelsea Gardens Research Report
- By Adam Foster
- 20 May 2014
Up to 35%, apparently. But two-thirds of London “gardens” are more concrete than foliage: 65% of “garden space” in the capital is patio, roof terrace and/or balcony, says the agency.
And the premium seems to be even higher for paved space: “Properties in Chelsea with private patio or roof terraces can also a command a 60% price premium compared to properties of a similar size with little or no outdoor amenity space,” reports Russell Simpson, with Londoners typically paying 20% more than the rest of the UK for their outside areas.
The agency has done some sums to work out that, with average prices in Chelsea at £1,740 psf and £5m+ homes going for £2,400 psf, a 300 sq ft garden could be worth up to £700,000…