Having a place to park could add substantial value to your home, according to new insights from Yopa.
While this is not the simplest feature to add to a property, potential buyers may be willing to pay thousands of pounds for this luxury.
Britons often do not need planning permission for a new drive, although this is worth checking before making an update.
There are an estimated 770,965 homes listed on England’s housing market and, remarkably, 80 per cent of these have a parking space.
Many Britons will pay a premium for somewhere to park
PASo it may seem surprising that they do add so much value, however, the experts said, on average, they increase the value by £12,000.
In some regions, it is worth much more. The biggest percentage increase can be seen in the north east.
The average price of a home with a parking space there is £230,157, which is 19 per cent higher than the region's overall average price. This means it is £36,000 more valuable.
Parking spaces in London have the biggest increase in pounds. It boosts the value by 11 per cent, which equates to a staggering £72,989.
Property value increase with parking space by region
- North east (up 19%)
- Yorkshire & Humber (up 18%)
- North West (up 18%)
- West Midlands (up 14%)
- South East (up 13%)
- London (up 11%)
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 and so peace of mind that they are parked safely is understandably a high priority.
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It will increase property prices in some areas more than others
PA"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.
"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.”