Properties in resident parking zones in the UK can take twice as long to sell as homes with off street provision, particularly in some of the biggest cities, new research has found.
An analysis of property sales data for the last 12 months shows that properties with off-street parking provision take on average just 25 days to sell compared to 50 days for properties in areas where parking restrictions exist.
Highlighting the parking permit postcode lottery in different parts of the country, the survey conducted by Quick Move Now reveals that lack of parking availability in the North West is the main motivation for moving to a new property as 34% of vendors in this area opt to sell up and move home due to parking concerns.
A quarter of households in London and the South-East have decided to sell up and move house due to parking concerns, but in contrast only 2% of vendors in the East Midlands have similar worries.
In addition, just 10% of home owners in Wales and 12% in the South West decide to sell up and move due to parking problems.
These findings follow research that shows 62% of councils issue parking permits. Birmingham and Manchester head the list of the highest annual parking permit charges in the UK followed by the London Borough of Islington.
Whilst the national average cost of an annual car park permit is £59.17, Birmingham City Council and Manchester City Council both charge £750.
The research suggests that parking is a bigger reason for putting a property on the market than lack of space, crime, distance to work and neighbour. Indeed, a recent survey by The AA suggested that almost one in four drivers in London put off making car journeys in order to avoid losing their parking space and almost 20% of drivers nationally say they always worry about being able to find a parking space as they approach their home.
And with car ownership increasing by almost 600,000 in the last year according to the Society of Motor Manufacturers and Traders, this situation is set to become more and more acute.
‘Our findings show that properties with off-street parking provision sell in half the time and are very attractive to prospective buyers. 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,’ said Danny Luke, Quick Move Now managing director.
‘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,’ he added.
Luke pointed out that Manchester city council charge 12 times the UK average amount for a resident parking scheme and there is clear correlation between these schemes and what triggers home owners to decide to sell up.
‘Faced with no guarantee of finding a space outside their property, our research and sales data show that many home owners, particularly where these issues are compounded by very high annual charges, have parking at the forefront of their minds when deciding to move home,’ he said.
‘Whilst lack of space, distance to work, noisy neighbours, crime rate and a change in financial circumstances were more common reasons to move home in the past, lack of parking availability is now often the main motivation for moving to a new property,’ he added.
‘Ever increasing car ownership has led to councils issuing more permits than there are spaces in some residential areas so many drivers are left with no guarantee of finding a space outside their home which can often trigger the decision to sell up and move elsewhere,’ he concluded.
Meanwhile, a parking space has gone on sale near Marble Arch in central London for £350,000. The space measures 19.5 feet by eight feet, just big enough for the average car. The parking space is half the cost of a typical £750,000 one bedroom flat in the street where it is located.