The ever so popular garden square
It’s been fascinating to see how the pandemic has changed what people prioritise when buying a home. The garden square is more popular than ever – also more expensive. For those who aren’t familiar with the concept, a garden square is a communal green space in residential areas for the homes in the direct vicinity. They provide a semi-private garden without the upkeep as they are maintained on behalf of the residents.
We’ve seen it in all the real estate headlines – the pandemic has caused buyers to look for outside space now more than ever. It’s not only houses with outside space that are performing very well – the garden squares are too. According to the Financial Times, house prices on garden squares are currently the highest they’ve ever been. This is very impressive considering many of the prime areas surrounding these garden squares are struggling without foreign buyers. To get an idea of pricing (bearing in mind that this is figure is from 2019), this Savills article states, “buyers in prime central London can expect to pay an average of £1,902 per sq ft (for a home with access to a garden square), compared with £1,691 per square ft on a private or gated road”.
Why the price difference? A garden square provides home buyers with a semi-private green sanctuary without the maintenance of their own garden. Naturally, members must pay an annual fee to get keys. Many of the squares have their own playgrounds and tennis courts as well. During lockdown, the capital’s parks were one of the few places that were open, so they were full of people. The garden squares were able to provide a peaceful sanctuary to a limited number of residents. Another reason why homes around these squares command premiums is because of the green views. Many homes in London are on tight streets with homes that overlook each other – a flat on a garden square enjoys an expanse of green outlook.
Garden squares don’t only provide access to a private green space – they provide a sense of community. It gives a chance for residents to connect with their wider neighbours and build relationships. There are annual events ranging from firework parties to summer parties, as well as tennis tournaments. It’s a fantastic place for children to play and connect as it’s more secure than a public park. This is why many buyers with young children will only consider homes on garden squares, the house itself almost becomes a second priority.
While there are 200 fantastic garden squares dotted all around London, I would argue that Notting Hill has some of the best. Coming in at top of the list is Ladbroke Square which is 7 acres (the largest in London). According to the Financial Times, Ladbroke Square is “a mix of crescents, squares, polygons… these gardens have remained especially resilient to decades of social change.” Like many other private squares, it is managed by the residents who live around them. There are two full-time caretakers, one who lives in a cottage on the grounds.
If you are interested in purchasing a home with access to a garden square, please get in contact for a free consultation.