And while the average London home is unlikely to boast the sort of garden space that will be on display at this year’s event, research by central London estate agency, Bective, has revealed that a well-landscaped garden is one of the most lucrative additions London homeowners can make when it comes to boosting the value of their home.
How much does a garden add in value?
Previous research has found that the addition of garden space can boost a property’s value by as much as 20%. Based on the current average London house price of £494,673, that’s an increase of nearly £100,000 (£98,935).
However, lengthy lockdown restrictions have emphasised the importance of usable garden space and London’s homeowners could seriously cultivate the value of their home should they draw inspiration from the Chelsea Flower Show.
A previous study by the Post Office found that a well-landscaped garden can increase a property’s value by a huge 77%. That’s an additional £380,898 on the average London home and dwarfs the value-added from other popular additions such as a home gym (£217,656), a home extension (£183,029), a walk-in-wardrobe (£168,189) and even a new kitchen (£128,615).
While more outdoor space is a hot commodity across the entire capital, a well-landscaped garden can add the most value within the Royal Borough of Kensington and Chelsea - home to the Chelsea Flower Show.
With an average house price of over £1.3 million, the addition of a garden alone is enough to add £266,499 to the value of a home in Kensington and Chelsea. However, a fully landscaped garden could add a staggering £1m to the price tag of a Kensington home if executed correctly.
The same project would add between £500,000 and £700,000 in value to the average home in Westminster, Camden, Hammersmith and Fulham, City of London, Richmond and Islington.
The value of outdoor space for apartments
However, the DNA of the London property market means that many homeowners living in apartments simply don’t have the luxury of a garden.
But all is not lost, not only can a roof terrace or balcony satisfy the need for an alfresco aspect to your home, but it is also thought to add as much as 10% if approached creatively.
That’s an increase of nearly £50,000 in value on the average London apartment climbing to £115,252 in Kensington and just shy of £85,000 in Westminster.
Even a shared roof terrace can boost appeal, with an average increase of 8% adding almost £40,000 to the value of the average London apartment.
Craig Tonkin, Bective Revenues Director, commented: “For garden and horticulture lovers around the world, the Chelsea Flower Show is the highlight of the year.
"How we utilise our outdoor and garden space has never been more important and, in fact, these spaces have fast become one of the most in-demand features of a home since the pandemic forced us all into lockdown.
"Even those buyers who aren’t particularly green-fingered are willing to pay a premium for some quality outdoor space and a properly landscaped garden can add serious value, particularly in the London market.
"However, a well-designed balcony or roof terrace can be just as appealing for those looking to purchase an apartment in the capital and even a shared space can add value in this respect.
"Of course, the true value of any outdoor space will be largely dependent on a range of factors specific to each property but presenting it to the very best level will always add additional appeal in the eyes of a buyer.”