Private Parking can Increase House Prices up by 10 per cent
UK homeowners could increase the value of their house by as much as 10 per cent by adding a parking space to their home, according to YourParkingSpace.co.uk.
The online parking marketplace, quoting estimated figures acquired from Virgin Money, says that adding a parking space increases a property’s value by up to £19,000 – more than an updated kitchen or additional bathroom, which add around £11,500 – according to the average value of a UK home.
The company also found that property owners could pocket an additional £1,500 per year by renting out their private parking space
Harrison Woods, managing director at YourParkingSpace.co.uk, said: “It’s never been a more difficult time for those on the housing ladder and many families are finding that they need to find new ways to raise money and bridge the funding gap to their next home.
“Having a parking space close to your home is highly valued by potential property buyers and it’s one of the most profitable home improvements that you can make. You can also start earning money straight away. By renting out your parking space you can generate extra income meaning that if you do decide to move up the property ladder you’ll have even more money to help you out.”
Forecasts from the Centre for Economics and Business Research predict house prices will increase by £40,000 over the next five years, despite uncertainty following the Brexit vote.