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Chelsea Flower Show helps house prices bloom in vicinity

·Reporter
·2-min read
House prices in Chelsea, home of London’s oldest botanical gardens, Chelsea Physic Garden, created the biggest buzz. Photo: AFP
House prices in Chelsea, home of London’s oldest botanical gardens, Chelsea Physic Garden, created the biggest buzz. Photo: AFP

House prices near the Chelsea Flower Show site outgrew the UK average property prices by significant margins over the last year, a new study suggests.

Analysis from Lloyds Bank (LLOY.L) shows the prices of homes in towns with famous gardens attract a higher premium, with those in London attracting a premium of £2.2m ($2.8m) on the capital's average.

The average house price was at a record £286,079 in April, an annual increase of 10.8%, according to the latest figures from Halifax.

Lloyds research said the average price of homes neighbouring 50 of Britain's most notable gardens in 2022 was £466,912, a premium of £107,189 compared to the average house price for the counties they are in.

Homes planted near notable gardens across the South of England attracted the highest prices.

Properties in Chelsea, home of London’s oldest botanical gardens – Chelsea Physic Garden – created the biggest buzz, attracting a county premium of 276% (£2,175,519).

Horticultural habitats helped home prices outstrip the national average. Photo: Dan Kitwood/Getty Images
Horticultural habitats helped home prices outstrip the national average. Photo: Dan Kitwood/Getty Images

Just five of the fifty towns with noteworthy gardens saw average property prices not blooming compared to their county average.

Towns famous for their gardens in the North of England and Wales have seen their house prices flourish most in the last decade.

Since 2012, prices in Knutsford, site of Tatton Park, have shot up 125% to £673,110, compared to a 50% surge to £348,317 for homes across England and Wales.

Top 10 garden towns with the largest percentage premium to county in 2022. Image: Lloyds Bank
Top 10 garden towns with the largest percentage premium to county in 2022. Image: Lloyds Bank

Horticultural habitats helped home prices outstrip the national average. Those shooting up most were in Worsley, which is near the Royal Horticultural Society's garden at Bridgewater.

The cost of the average home reached £500,848 near the site, harvesting owners a 36% to £132,383, compared to an average rise across England and Wales of 5% (£16,465) to £348,317.

Read more: Inflation may trigger fall in UK house prices, says Nationwide

Jo Harris, managing director, at Lloyds Bank said: "Chelsea, which has long been one of the most desirable suburbs of the capital, not only benefits from its association with the RHS flower show but is also home to the country’s oldest botanical gardens.

"Where the external space with homes is limited, having these show gardens close by provides an attractive alternative.

"While homes surrounding Chelsea Physic Garden might be seen as the cream of the crop – attracting both the highest prices and the biggest county premium, the majority of those areas with the highest premiums were near gardens across the North and Midlands, like Brockhole Garden in Cumbria or RHS Bridgewater near Manchester."

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