This is one of the factors to affect house buyers . Off street parking, allows the residents to avoid congestion and parking charges. these facilities reduce the rick of vehicle crime. The subject of parking around and in major towns and cities, is talked about by politicians and debated about regularly in dispatches. garages and private driveways prove an asset to thousands of people every year, by reducing motor insurance premiums. These additions to the property, can add thousands of pounds to house prices throughout the UK. They attract more prospective buyers and viewings. if you don’t live in a property that doesn’t have off street parking or private parking facilities, don’t be upset to find similar houses in the street, with these facilities reaching a higher price than your own property valuation.
Property prices could be reduced by congestion measures and for those without garages
Newcastle upon Tyne in 2006, became the first council in the UK to tax residents in the area who park high emission vehicles. Other charges, such as congestion charges, together with parking charges could increase the cost of having the luxury of a motor to record levels. Homes without private parking, could carry a new expense for the motorist. Property experts, believe that, if parking permits come into effect and rise, properties that do provide driveways or garages, could see a rise of a predicted 20 percent to market values. Houses my be left behind in the solf house prices. This is leaving house owners worried about the future.
In Newcastle cars are in a grading system for their size with SUV’s or 4 by 4’s costing the most to park. Each car requires a permit. families with grown up children at home, who own their own cars . These families who have more than one car, may find themselves, if this is passed with huge additional permit bills. Buyers will be put off in a big way, to acquiring property that doesn’t have off-street parking, effecting house values. High on the political agenda is carbon emission cuts. It won’t be long that this scheme may be rolled out in the UK to other major cities.
Vehicle crime and UK house prices
Official statistics published by the home office, reveal that only seven percent of all car thefts are from a private garage. Sixty six percent of vehicle thefts are committed from cars on driveways, that are more easily accessible for criminals, especially if vehicles are parked on the public streets.
A lack of a garage or driveway to a property means, it may jeopardise or delay the house sale. Properties that do have these facilities, such as a garage or driveway, will prove more popular in the selling market and may claim a higher house price when selling. Car owners, it has been proved are happier about security for their vehicles if they can be parked on driveways or housed in garages, not on the public road. To be nearer their home reduces the risk of car crime. They are willing to pay a higher premium for a property that fulfils this.
Insurance costs may be higher for properties without a private parking facility. nsurance companies state, that they prefer , cars to be on private property. Premiums may be reduced annually for cars that are housed in garages overnight.
This difference may also be subject to a difference in property values
If you are trying to sell a home, without a garage, it is more difficult. An attached garage is a bonus, even an identical house for sale in the area without a garage may not reach the same price. Motorists are willing to pay an extra premium for a house with a garage.
Properties without a garage, or private parking are at a disadvantage sale wise. Sellers may be disappointed , by how much the price has dropped, and the house valuation is significantly decreased. To rectify the reduced price, it may be possible to install a garage. If this isn’t possible, a reduced offer must be accepted and a fact.