UK homeowners invest £4.2bn in their gardens
easier.com 18/05/05
UK homeowners spend a huge £4.2 billion a year on their gardens, and while most see it as a relaxing haven, one in six (17%) view it as an investment, hoping to see an increase in the value of their property in return for spending in their garden, according to research from National Savings and Investments (NS&I).
Gardens are seen as such an asset that one in five (21%) Brits will spend their hard-earned savings on them. A further one in ten (11%) reach for the plastic - going into debt for their patch of Britain.
More than twice as many men as women view their garden as an investment. One in four men (24%) cite a potential increase in their house price as the main reason for spending in their backyard compared to only 10% of women. This may explain why men spend slightly more on average per year than women (£227 compared to £208).
Gardens are most seen as a money-maker by those aged 16-24 with 24% spending on the garden to increase the value of their property compared to a national average of 17%. This is also the only age group with more people investing in their garden for a monetary return rather than to encourage wildlife - only 21% of 16-24 year-olds rate this as important compared to an average of 32%.
On average, we spend £217 a year on our gardens buying new plants, garden furniture and landscaping. Even those in rented accommodation will spend an average of £155 a year.
The most popular reason for spending on the garden is to create a relaxing space for the family (59%). Over half (57%) justify horticultural outgoings as an investment in their own relaxation while a third are giving back to the environment - 32% spend money on their garden to encourage wildlife.
However, some feel pressurised into spending on their backyard either by a sense of duty (16%) or to impress the neighbours (4%).
Nicholas Leeming, director of propertyfinder.com comments: "Gardens play a hugely important role in selling homes and can add significant value to a property. Our research shows that well tended front gardens are the most important factor that attract buyers to a street. Back gardens are even more important.
"Simply having a garden can enhance an average property's value by perhaps up to 15% as a rule of thumb. As always, the closer matched the style of garden is to your target market, the quicker you can expect to sell and the more money you can bank on raising."
Karen Jones, marketing director at NS&I explains: "There is an increasing trend among savers for more unusual investments, from property to art to even wine. Gardens are an extension of this but savers should ensure they have also have savings in a secure and accessible savings product to cover any unforeseen circumstances. For those looking for a unique investment which combines security, access and excitement, Premium Bonds may be the perfect solution."
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