Off-street parking is an obvious bonus for any property searching for a buyer, but new research has discovered that properties without such an amenity can take twice as long to find a buyer. The study carried out by Quick Move Now – one of the UK’s leading home buying companies – revealed that homes featuring an off-street parking option take an average of twenty-five days to find a buyer, while homes without this option can take up to fifty days to find a buyer.
Parking Concerns a Major Reason for Moving
All around the country, parking availability is growing as a major concern for many property owners, often being cited as the primary reason for selling up and moving to another area. In London and the South-East, around 25% of homeowners have upped sticks and moved to another area directly because of parking issues, while the problem is even greater in other areas of the UK.
Parking concerns have actually become the number one reason for seeking a move in the North-West, with 34% of house sellers citing it as their main reason. In the South-West, the number drops to 12%, while vendors in Wales report the amount at 10%.
The area with the least of these concerns appears to be the East Midlands, where parking concerns are cited as the reason behind a move in only 2% of cases. What’s interesting about this contrast is that the West Midlands, right next door, contain one of the highest prices for an annual car park permit. Birmingham City Council charges £750, as does the Manchester City Council, while the national average for such a car parking permit is just £59.17. These two cities are charging 12 times as much as the national average and are even more expensive than London, with the capital’s borough of Islington being the third most expensive.
Families Avoid Home Without Parking Options
Families make up a significant amount of the UK’s moving and selling dynamic, but as Quick Move Now’s Managing Director, Danny Luke, explains, moving to a home without parking availability is often not an option for them.
“Our findings show that properties with off-street parking provision sell in half the time and are very attractive to prospective buyers,” said Mr Luke. “With no guarantee of being able to park outside, or even near, their property, and a postcode lottery determining the cost of on-street parking permits, parking is a real issue for a large proportion of UK home owners. While it’s an inconvenience for many home owners, issues with being able to secure an on-street parking space near their property can make many homes completely inappropriate for families with young children or older home owners who are beginning to struggle with mobility. This becomes an even more significant problem when you consider the current UK property shortage.”
While this is hardly ground-breaking news, it’s interesting to note the exact correlation between home with different parking options and how long they take to find a buyer.
