Public resources such as parks,
transportation, and schools can be very
important factors to housing prices nearby.
Among these various factors, urban green
spaces are especially essential since they
can help approve the urban quality of living
such as reducing traffic noise and air
pollution, as well as being beneficial to
human wellbeing. There are academic
studies focused on cities all around the
world indicating that the proximity to
urban green spaces usually has a positive
effect on housing prices in the surrounding
areas, which is also part of the hedonic
pricing analysis and called the proximity
principle. However, relevant studies on the
correlation between urban green spaces
and housing prices have mainly
concentrated on Global North, especially in
the United States, Europe, and Asian cities.
Few studies have mentioned the proximity
principle in the United Kingdom context.
Therefore, the objective of this research is
to investigate the effect of urban green
spaces on housing prices in nearby areas.
London postcode system is being applied
when designating particular areas including
green spaces. Five renowned parks are
being selected within Inner London and
5223 housing transactions raw data in total were collected within three parks to prove
the proximity principle and make the
results more general. Substantial evidence
by quantitative data analysis through IBM
SPSS Statistics 27 shows that the proximity
to urban green spaces is positively
correlated to housing prices nearby,
regardless of the housing types. The
conclusion of previous studies is still
applicable in Inner London that the
proximity principle is accepted in the
Global North planning context. This
research will shed light on the Inner
London context in residential housing
purchase decision-making, as well as for
estate developers and governments to
make reasonable planning development
layouts with potential increased economic
benefits.
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