Having a roof terrace or a balcony adds an average of 12% to the value of a flat, according to research by London estate agents Marsh & Parsons.

Research by the company found that the presence of a roof terrace or balcony typically adds 12% to the value of a property, rising to as much as 25% in areas like Chelsea. Access to a communal garden commands an 11% premium on average, and as much as 20% in the sough-after neighbourhoods of Little Venice and Holland Park. 

David Pittman, sales manager for Marsh & Parsons in Holland Park, said: “As the mercury rises, Londoners don’t want to be cooped up inside and want to be able to feel the wind in their hair. For the right buyer, a balcony or more particularly a roof terrace, will add significant value to a property in the area.  Some of the more petite family houses have roof terraces in place of a garden and in these cases value will be increased by approximately 10% more than the same property without any outside space. Having direct access to a wonderful communal garden can increase a property’s value by 20% or more.”