Parking Space Can Add £73,000 to Property Value

A recent study from Yopa has revealed a significant difference in average prices when comparing properties with and without a dedicated parking space. By comparing hundreds of thousands of current property listings in England, Yopa has calculated the average premium that applies to homes that come with their own parking space.

They found that the average property with a parking space currently listed has an average price of £402,623. While this translates to a 3% price premium compared to the wider market, when looking at the figures in cash terms, this equates to a massive difference of £12,000 to a property’s asking price.

This premium can be even more sizable in certain regions, reaching an average of £72,989 in London where property is typically most expensive and there is an average premium of 11%. In the North West, Yopa found a substantial premium of 18%, equating to an added £46,903 on the average property.

So is seeking out an investment property with its own parking space worth it? With so many properties including parking spaces on the market, rather than a luxury addition to the home, this feature’s prevalence seems to make going without one a detriment to investors, impacting the property’s value.

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Commenting on Yopa’s research, CEO of Yopa, 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 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.”