House purchasers seek parking at a price

Halifax Estate Agents is advising vendors selling properties with garages or off-road parking to make sure their garages are cleared of junk and that driveways are sound and weed-free.

In a recent study, the estate agent found that 68% of potential buyers would be prepared to pay a premium for a home that has a garage, driveway or designated parking space.

According to the survey, the average amount people are be prepared to pay for trouble-free parking is £4,800 but 11% of respondents would consider paying up to £10,000 in addition to the price of the house.

Latest figures from motoring organisations show that three quarters of all UK households now own at least one car and it is homebuyers aged between 55 and 64 who are most likely to pay extra to secure a private parking spot.

However, respondents aged between 25 and 34 years were also keen, with nearly three quarters of those surveyed saying they would be prepared to pay extra for designated parking.

The survey revealed some geographical differences with only 58% of respondents in the North West prepared to pay a premium, but according to Halifax Estate Agents the research indicates overwhelmingly that access to a private parking facility is regarded as a highly desirable feature by those searching for a property.

Discuss this in the Finance Markets forums

Story link: House purchasers seek parking at a price