Property expert sends £73k warning to households without a parking space

Parking was a ‘must have’ feature for many potential buyers

A property expert has urged sellers to 'showcase parking spaces' during the listing process, as those without were told they could be missing out on up to £73,000. Parking was a ‘must have’ feature for many potential buyers, and typically those with drives or garages typically fetched more than those without.

A new study has found the average price gap between homes with parking and those without was £12,000 - but this varied dramatically depending on the location. In London, where house prices were high and parking was in short supply, the gap peaks at £73,000.

Yopa said its research had identified a regional parking space premium for homes listed for sale across the country. The South East of England came second, with a £62,830 gap, ahead of the North West at £46,903, Yorkshire and the Humber at £46,077, and the North East of England at £36,451. According to The Express, the smallest price premium in cash terms was in the East Midlands at just £8,346.

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Out of the current estimated 770,965 homes listed on England’s housing market, Yopa said 80 percent - 615,882 - had a car parking space. Verona Frankish, who is CEO of the hybrid real estate agency, 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."

She continued: "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. 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.”