Homebuyers in Leicester pay amongst the highest premiums for garages in the UK, indicating that demand is especially high in the city, research from Zoopla shows.
In Leicester the average asking price of a home with a garage is £325,000, £63,000 more than the average asking price of £262,000.
However, property in London’s Barking commands the biggest premium for garages. In the East London borough average asking prices with a garage sit at £500,000, £129,000 more than the average asking price of a typical home in the borough, at £371,000.
Daniel Copley, consumer expert at Zoopla, said: “Our data paints a clear picture: for many homebuyers, a garage isn’t just a nice-to-have, it’s a serious priority, consistently ranking as one of the most sought-after features on Zoopla.
“The intense demand we’re seeing in areas like Barking and Dagenham, and Leicester, very much underscores the premium buyers are willing to pay for that secure parking or extra space, particularly in densely populated urban centres where parking is often a headache.”
“Zoopla is the only property portal that offers users the capability to filter search results by the ‘garage’ feature, making it as easy as possible for Zoopla users to make their next move and, in turn, driving more motivated movers to agents.”
Despite the expansion of the ULEZ zone in August 2023, London boroughs occupy four of the top 10 UK areas where demand for a garage is the highest.
Parking is often restricted in bigger cities like London, making garages a valuable asset for homeowners in the capital.
Additionally, in a city where space comes at a premium, some homeowners may see an opportunity to utilise garages for extra storage or additional living and work areas.
People looking to buy a home with a garage without paying a premium should look to Hull in Yorkshire and The Humber, where a home with a garage can be found for around £180,000, £30,000 more than the asking price of a typical home in the area.
This is followed closely by Blackpool in the North West at £185,000 and Stoke-on-Trent in the West Midlands, with an average of £220,000.
Toby Leek, president of NAEA Propertymark, said: “There is a continued increase in people looking for garages and parking spaces as the number of drivers on the road rises, and trends such as having space for electric vehicle charging at home grows in popularity.
“Alongside this, the surge in desire for outside space post-pandemic is pushing more buyers to pursue larger properties with driveways, garages and gardens, moving away from apartments and flats.”
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