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London's public parks are worth a combined £91 billion and living near a green space can boost the value of home by as much as £500,000, according to a new report published today.

A fifth of Greater London is designated as public parkland, but there are huge disparities over access to green spaces across the capital’s 33 local authorities. Richmond is the greenest borough with 41 per cent of it classified as public green space, followed by Merton (29 per cent), Hounslow (28 per cent), and Hackney and Waltham Forest (both 26 per cent).

The City of London is bottom, on just seven per cent, below Newham (eight) Hammersmith and Fulham (12), Islington and Southwark (both 13) and Tower Hamlets (14).

The impact on the average house price of being close to a green space is about £900, but in some areas such as Hampstead Heath and Hyde Park it can be as much as half a million pounds.

The Natural Capital Account report was commissioned by the National Trust, Mayor Sadiq Khan and the Heritage Lottery Fund and carried out by Vivid Economics.

The most comprehensive ever study into the economic value of London’s public parks, it aimed to measure the recreational, climatic and mental and physical health benefits of green spaces, as well as the effect on house prices.

The report’s co-author Robin Smale, director of research firm Vivid Economics, said: “London has got quite a lot of green space thanks to the Victorians, but there is a lot of pressure on them as they’re funded by local authorities and their budgets are being squeezed by other demands.

“The biggest questions we face are to do with new housing. Some areas of London don’t have many green spaces already. We need to think of our public parks as green infrastructure. Local authorities shouldn’t just be looking at the costs of mowing the lawn and maintenance, but also the economic value and health benefits of these spaces.”

The report found that for every £1 councils spend on public parks, Londoners enjoy £27 in recreational and leisure benefits. Overall, parks save £950 million a year in health costs.

In August the Standard reported how Mr Khan wants to make London the world’s first urban national park. The Mayor plans to launch a formal bid for the designation at an international parks summit in spring 2019.

Shirley Rodrigues, deputy mayor for environment and energy said: “London is one of the greenest cities in the world with much-loved spaces the Mayor is determined to protect. This research proves how important parks are not just for health, environment and quality of life but as essential infrastructure.

“This is why the Mayor has committed to protecting the green belt, making London the world’s first National Park City and increasing and maintaining our incredibly valuable green space.”

Ros Kerslake, chief executive of the Heritage Lottery Fund, said: “Having invested more than £800 million of National Lottery money in revitalising public parks, we’ve seen the impact high-quality green spaces have on the prosperity, health and well-being.

“This research is a powerful tool that will help local authorities, businesses and communities seize the opportunities available to ensure parks not only survive but thrive.”