UK homeowners who took to improving their gardens during the pandemic lockdown periods have invested wisely as they see property values increase greater than building an extension, or fitting a new kitchen, experts reveal.
According to the 2019 Post Office Money Survey, landscaping your garden could potentially increase the value of your property by a whopping 77%. This means garden landscaping provides a greater return on investment than building an extension, adding a swimming pool, or fitting a new kitchen.
The study, which was conducted over five years, was based on the mid-range asking price of a three-bed semi-detached home across the UK. It found that properties with garden landscaping added the most value to a home. Garden landscaping was proven to be the most cost-effective form of home improvement when selling while providing the best Return on Investment (ROI) compared with other types of home improvement projects. A home improvement such as a new kitchen was found to add a property value increase of only 25%, with a building extension creating a 37% increase, and a low 7% increase was found after adding a wet room.
Nexus Pro Systems is a UK leading manufacturer of paving jointing compounds for the landscaping and construction industry. Its head of operations, Tom Hamilton, said:
Our consumer trends data certainly supports that garden landscaping has been a significant growth area with homeowners, especially over the pandemic period. Particularly, during the lockdown period, we saw increased consumer demand for our Pro Joint Fusion ‘all- weather’ paving grouting product, which I can only assume meant that landscapers and DIY enthusiasts were actively rejuvenating their outdoor spaces come rain or shine.
“Indeed, many of our merchants based throughout the UK have reported a significant rise in consumer demand for all manner of landscaping supplies. I believe it is important for homeowners to know that investing into their gardens not only increases the kerb appeal of their property but also its saleable value.”
Foxtons estate agents conducted research revealing that simply having a garden will generally increase a property’s value by 20%. A high percentage of 72% of buyers were prepared to pay more for a property with a garden, according to the Foxtons research.
Data by Rightmove revealed that access to a garden was a priority for more than 60% of buyers searching for a new home. On the other hand, the Royal Chartered Institute of Surveyors found that 80% of property professionals consider the demand for a garden will continue to increase.
Any improvement that raises the value of a property can be significant. If you need to access funds quickly, borrowing against your property, whether with a further advance, refinancing to better terms or a second-charge bridge can be one of the quickest and cheapest methods. At the same time, if you are investing in a property to rent out, and will be borrowing to buy and renovate, don’t overlook the garden, given that improving it will certainly raise the overall Gross Development Value (GDV) and as such improve the amount and potentially the rate at which you will borrow,” said Alastair Hoyne, CEO of Finanze, an FCA regulated specialist property finance firm.
In its study, MyToolshed analysed house prices across 10 areas of London and found that a well-maintained green space could increase the average Islington North London house price of £848,710 by £141,451. Similarly, homes in Ealing priced at £786,507 could gain an additional £132,806 by rejuvenating their garden spaces. Properties could see profitable gains of £131,084.50 on a house priced at £796,834 in Wandsworth.
Sourced from a variety of UK industries, the above research proves that many UK homeowners who invested in landscaping garden improvements during the lockdown periods have benefitted from a quantifiable increase in the saleable value of their property.
