£73,000 warning to households without a parking space | Personal Finance | Finance
Properties with a parking space will sell for as much as £73,000 more than similar homes, according to a new study.
The average price gap between homes with parking and those without is put at £12,000, however the figure varies enormously depending on the location.
And the figure in London, where house prices are the highest in the country and parking is in particularly short supply, peaks at £73,000.
The need for a parking space has become more urgent against the background of big increases in charges by local council to park on the street. At the same time, the growing number of households with an electric car need a parking space for cheaper home charging.
Research by Yopa, the full-service estate agents, has identified a regional parking space premium for homes listed for sale across the country.
The second highest cash price premium is in the South East of England at £62,830, ahead of the North West at £46,903, Yorkshire and the Humber at £46,077, and the North East of England at £36,451.
The smallest price premium in cash terms was in the East Midlands at just £8,346 ahead of the East of England at £22,396.
Yopa said there are currently an estimated 770,965 homes listed on England’s housing market and 80 percent – 615,882 – come with their own car parking space.
Its chief executive, Verona Frankish, said: “Homebuyers tend to embark on their property search with a list of ‘must haves’ and for many, parking is one of these essential features. After all, our vehicles can be our most expensive outgoings after our homes and so peace of mind that they are parked safely is understandably a high priority.
“So despite the fact that there is currently an abundance of stock listed for sale with the addition of a parking space, such properties can still command hefty house price premiums, with the price buyers are willing to pay climbing substantially in some regions compared to others.
“This means that, as a seller, it can really pay to showcase your property’s parking spaces when listing on the market, particularly if you have a secure and safe space such as a garage, or other parking security measures installed.”
She added: “For those looking to add value to their home, upgrading your dilapidated driveway to a car parking paradise is one way that’s sure to add value in the eyes of potential buyers.”
