The benefits of green space

We know that our green spaces provide multiple benefits to local communities and wider society. And we know that these benefits have a value.

To further understand their impact, we have worked with partners to research how people use our green spaces, how impactful our green spaces are and how they are valued.

This value has then been translated into financial values. Since this is a common measure of value, we believe that by using this way of measuring the value will help society to recognise and understand how well managed green spaces are contributing to a strong economy and society.

The three reports below explore different approaches to valuing our green spaces in monetary terms…

• The ‘Economic Value of our Green Spaces’ uses a traditional economic approach, using regression, trend and perceptions analyses
• The ‘Hidden Value of our Green Spaces’ uses a natural capital accounting approach
• The ‘Value of our Green Spaces’ uses a social return on investment approach.

Further details are outlined below…

 

The Economic Value of Our Green Spaces, February 2018

This report looks at one of the Land Trust’s newest parks – Port Sunlight River Park – as a case study to demonstrate how the creation and good quality maintenance of a green space can add value to nearby houses, create and safeguard jobs and generate revenue for local businesses. The benefits include:

• £7.8 million added to the value of houses within a 500 metre radius of the park – an average of £8,674 per property.
• £48,000 annual revenue generated for the small businesses that operate in the park, such as dog walkers and ice cream vendors.
• £38,000 a year additional revenue for other local businesses, where people have spent money while visiting the park.

This report has been produced with the support of Alliance Manchester Business School, Autism Together and the TCPA.

The report is at the bottom of this page, but here are some of the highlights.

 

The Hidden Value of Our Green Spaces, January 2017

Our green spaces are more than just places for recreation or to help wildlife thrive – they also provide important functions to society which have an economic value.

For example, woodlands absorb pollution and lock up carbon, which cleans our air and wetlands store water, reducing flows and help reduce the risk of flooding.

These functions benefit society and help reduce costs on local and wider communities, such as to the NHS, other public sector services and local businesses.

This report has taken a ‘natural capital accounting‘ approach to translate these benefits into financial terms (taking into account the physical land, the habitats, the quality of the land, how it is used and managed),

Our report aims to help us to:

• Highlight the social and economic benefits, using financial terms
• Inform the management of our spaces
• Improve and enhance their natural capital value
• Engage with different partners to embed green spaces within developments
• Demonstrate how long term investment and management of green spaces can increase the asset value
• Tell the story that by looking after our green spaces enables them to perform these important functions which benefit society and the economy.

This report has been produced with support from Groundwork West Midlands, London Borough of Barking and Dagenham Ranger services, Interserve Consulting and eftec.

You’ll find the full document at the bottom of the page, but here are some highlights.

 

The Value of Our Green Spaces, January 2016

Our parks, nature reserves and other open spaces provide people with accessible areas where they can reap the benefits of the natural world. Visitors have told us all about why they love the green spaces close to them, and our report highlights how they help keep us fit and healthy, and support local economies.

This report is using a social return on investment approach, which incorporates results from a perceptions survey of people who use our parks, how they use our parks and how they value them, as well as our approach to managing our green spaces. The outcomes are translated into financial terms which enables us to demonstrate the benefits our green spaces have on society and the economy.

You’ll find the full document at the bottom of the page, but here are some highlights.

 

Further Reading