Insurance firm Direct Line claims that there is effectively no premium in a home having a south-facing garden.
It claims analysis of asking prices reveals homes with south facing gardens carry a mere 0.37 per cent premium compared to properties with north facing gardens.
South facing gardens have long been touted as desirable because they typically get the sun for most of the day and are therefore thought to be warmer and brighter, but it appears this isn’t reflected in property prices.
Direct Line says river views do attract around a nine per cent premium, and cites one North London development where a three bedroom property with a river view has an asking price of £850,000 - no less than 42 per cent more than an identically proportioned and designed property elsewhere in the development that costs £600,000.
The research also reveals that in many cities if you live higher in a new development, you pay a significant premium for the privilege. One developer informed researchers it added a £15,000 premium to the asking price for every floor.
An apartment on the 14th floor of a new London development five minutes from Angel tube station is on the market for £850,000, which is 31 per cent more expensive than an identical property on the third floor.