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A private garage could mean £25k more

A Home Sale Network survey reveals that the value of car parking spaces is on the rise and can be a greater asset to your property than you might realise.

Imminent land shortages and dual family incomes are boosting the value of car parking spaces in the UK, with some home-owners getting as much as £25,000 more simply because of the car parking space that comes with the home.

That's according to a survey conducted by Home Sale Network (HSN), which revealed that the value of a car parking space has increased by as much as 10% over the past two years - this means a difference of up to £10,000 on a house valued at £100,000!

The survey of HSN's 720 members found that although just over half of respondents (57%) said that a private garage would add an extra £6,000-£10,000 to the price of a home, some houses have commanded up to £25,000 extra, simply by having a private garage.

In fact, even on-street parking, which is typically not part of the property transaction, can increase the value of a home by up to £1,000.

Richard Tucker, Director of the Home Sale Network, said: “At a time when land is at a premium and space is limited, simple things like a car parking space can be a significant asset to a home-owner.”

“In recent years, a greater importance has been placed on the need for car parking because more British households than ever before now have at least two cars.”

“This trend, coupled with the imminent land shortage, has meant that the value of a car parking space has increased significantly and could continue to rise in the years to come.”

Other highlights of the HSN survey revealed

• The majority of HSN members (77%) felt that a driveway would add anywhere up to £5,000 on the value of a home, similarly 87% felt that an allocated private parking space would increase the value of a property by up to £5,000.
• According to the survey, if two properties are identical, except one has two parking spaces and the other has only one, the difference in the value of the homes would amount to an additional 3.5% of the total asking price for the second parking space.

Home Sale Network is made up of over 720 of the country's leading independent Estate Agents selected as being the best in their locality for service, knowledge and all round professionalism.