Every investor knows that renters and buyers will be more likely to show interest in a property which has easy access to local amenities, and according to new research by Quick Move Now it seems that parking is one of the most significant qualities they will be looking for. Many drivers are concerned about losing their parking spaces and not being able to find a place to leave their car when they return home, and as car ownership is rapidly increasing, this is a concern which is set to become even more pressing over the next few years.
It has been found that residential properties with off-street parking facilities sell in half the time of properties that don’t have them, particularly in major cities. The average selling time for a property with parking provisions was just 25 days, whereas properties with parking restrictions take an average of 50 days.
Many councils offer parking permits for residents, but these can be expensive and different areas of the country experience varying difficulties in relation to them. Permits are most expensive in Birmingham, Manchester and the London Borough of Islington, which means parking provisions are most important to buyers and renters in these areas, even outstripping other traditional concerns such as local crime rates, lack of space and travel distance to places of work.
A lack of parking can be a dealbreaker for many potential buyers and renters, especially if they have mobility problems or young children and need to be able to use their car on a daily basis without worrying about parking it close to their homes. The importance of parking spaces has been illustrated recently by the fact that a parking space in London’s Marble Arch has recently gone on sale for £350,000.
If you want to optimise your chances of successfully selling or letting a property, it seems that parking facilities are a key factor to watch out for. Our team of property specialists are on hand to advice you on which qualities buyers and renters will be looking for to help you make the most beneficial investment choices. Alongside this, we also offer full property and block management for properties in Hackney and the rest of the capital, helping to boost your chances of excellent returns even further.