Savills plc
Savills plc
07/30/2021 | Press release | Distributed by Public on 07/30/2021 06:33
The premium prices for London homes with a common on the doorstep
It's hard to imagine what London would be like without its commons, especially over the last 16 months when green space and a breath of country air has been so important to so many city dwellers. And without Wimbledon, would we ever have had the Wombles?
Of course it's possible Great Uncle Bulgaria and co could still have carried out their secret recycling had Wimbledon Common been enclosed in the 19th century as the Lord of the Manor intended. Fortunately for the general public, however, the plan was thwarted by campaigners and 150 years ago this August the Wimbledon and Putney Commons Act 1871 received royal assent, preserving the land for recreation and nature. This followed hot on the heels of the Wandsworth Common Act of July the same year, which saved that common from a similar fate of enclosure and development.
Today, buyers keen to have one of London's commons on their doorstep will typically pay a premium for the privilege.
Based on analysis of the 20 largest, and comparing the average price of homes sold within 100 metres of a common with those between 100 metres and 1km, it costs an average 22 per cent more to live close by.
We've also looked at individual commons where there have been 15 or more sales over the past year. They don't all come with a 100 meters premium - Barnes doesn't for example which is likely to be because more prestigious and expensive properties tend to be closer to the river. However, topping the list at 29 per cent is Plumstead Common, followed by Blackheath at 21 per cent.
If you live a stone's throw away or have to travel to enjoy one of the capital's public open spaces, the anniversaries at Wimbledon and Wandsworth this summer are a timely reminder of their importance - and of what Londoners could have lost.