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Parking spaces drive UK home values up by as much as 10 percent

Friday 05 August 2016, By AutoVolo

Parking spaces drive UK home values up by as much as 10 percent

Parking spaces drive UK home values up by as much as 10 percent

Homeowners in Britain could see the value of their house increase by up to 10 per cent by adding a parking space to their property, YourParkingSpace.co.uk says.

Using estimated figures from Virgin Money, the online parking marketplace says that a parking space can add around £19,000 to the value of the property, based on the average value of a UK home. An updated kitchen or additional bathroom, on the other hand, tends to add only £11,500 to a house’s value.

The company also estimates that homeowners could pocket up to £1,500 every year by renting their private parking spaces out.

Harrison Woods, managing director at YourParkingSpace.co.uk, said: “It’s never been a more difficult time for those on the housing ladder and many families are finding that they need to find new ways to raise money and bridge the funding gap to their next home.

“Having a parking space close to your home is highly valued by potential property buyers and it’s one of the most profitable home improvements that you can make. You can also start earning money straight away.

“By renting out your parking space you can generate extra income meaning that if you do decide to move up the property ladder you’ll have even more money to help you out.”

House prices are set to increase by around £40,000 over the next five years, despite ‘tremors’ caused by the Brexit vote, according to forecasts from the Centre for Economics and Business Research.