Private outdoor space, in the form of off-street parking or a garden, tops the list of desirables for prospective UK homeowners.
The value of private parking
Space is increasingly at a premium in the modern world, as we all look to carve out a little slice of the planet that we can call our own. Nowhere is that more relevant than in the housing market, where larger plots are seen as eminently more desirable but often come with the inflated price tag to match.
But what exactly are prospective UK homeowners looking for when they scour the listings for a property? New research, conducted by leading hard landscaping manufacturer Marshalls via a survey of 1,000 residents, shows that outdoor space – for both practical and leisure purposes – is the number one draw for those seeking to buy a house.
Off-street parking could make all the difference
For those who travel to and from work by car, the journey home can prove additionally stressful with the search for an on-street parking space. In response to the survey, almost a quarter of respondents (24%) declared that having off-street parking would be their highest priority when it came to purchasing a new property. By contrast, location was the key factor
for 18% while just 4% would be most interested in the size of the home.
And it’s clear to see why almost one in four people place such a high importance on having their own driveway.
The research shows that the inclusion of off-street parking results in a
29% price increase for the average UK house – a cost of £66,785 – making your home more desirable if you ever decide to sell.
Those seeking a home with a private driveway in Leicester are likely to see the highest hike in the value of their property, at around 60%, while those in Glasgow (53%), Belfast (50%) and Nottingham (49%) will also see a significant rise in the average house price when off- street parking is included. At the other end of the scale, those living in Bristol and Liverpool
(both 4%) will only see the average cost increase very slightly in comparison.
In response to the survey, 45% of people complained about finding a parking space near home, and it’s been revealed that those who use on-street parking spend, on average, 7 minutes per day seeking a spot. That may not sound a great deal, but when added up that totals a massive 42 and a half hours every year.
Is private parking the only important factor?
Of those surveyed, 54% stated that having their own private garden would be the key factor when it came to buying a new house. And such demand is reflected in the effect on prices, especially in London, where residential space is at such a high premium. On average, properties in the capital are 69% more valuable with a garden, with Leicester next on the list at 55% and Nottingham third (48%). Those looking for properties in Leeds, however, will find prices more affordable, with the average cost of a home in the West Yorkshire city increasing by 10% when a garden comes attached.
There is no doubt that having your own outdoor space, be it for off-street parking or for a garden, can greatly improve the value of your home. As Marshalls’ Director of Sustainability and Marketing, Chris Harrop, says: “The results of this research show that people really value good quality outdoor space at home and that it’s a strong deciding factor when house hunting. As the study shows, an investment in your garden or drive not only benefits your lifestyle, but it also adds value to your home if you decide to move on. Creating and maintaining a garden can give you years of fun and relaxation with the family but it’s also good to know
that it will encourage buyers when you come to sell.”
