A substantial body of literature, including government policies, acknowledges the important role of greenspace in sustainable development and the creation of attractive and economically vibrant communities. Greenspace refers to the natural environmental components (green and blue spaces) that lie within and between a region’s cities, towns and villages. This Research Report provides a critical review focusing on the most recent evidence (years 2000-2011), of the net economic benefits, both direct and indirect, of initiatives to create or improve greenspace. Despite some conflicting evidence, the Report shows that there is a growing body of research that confirms the benefits. For example, a large-scale study undertaken for the UK National Ecosystem Assessment showed that a percentage point increase in greenspace land use share in a Census ward increases property prices by around 1%. Both expansions of broadleaved woodland and of coniferous woodland were found to have positive effects, with the impact of the former greater than the latter. The Report also highlights gaps in research providing robust estimates of net economic benefits.