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A home without off street parking takes twice as long to sell

24 Mar 2016

CBX News 24316

Properties in resident parking zones can take twice as long to sell when compared to homes with off street parking, according to new research.

Properties with off street parking take an average of just 25 days to sell while it takes 50 days for properties in areas where parking restrictions exist.

A lack of parking is the greatest motivation for moving to a new property in the North West with 34% of vendors decided to sell and move home due to parking concerns, the survey by Quick Move reveals.

This is the case for 25% of households in London and the South East, whereas only 2% in the East Midlands move for a similar reason.

In the South West, 12% of vendors decide to move due to parking problems while 10% do in Wales.

Parking is a bigger reason for selling than lack of space, crime, distance to work and neighbours, the research has revealed.

62% of councils issue parking permits with Birmingham and Manchester having the highest annual parking permit charges in the UK followed by the London Borough of Islington.

The national average cost of an annual car park permit is £59.17 but Birmingham City Council and Manchester City Council both charge a significantly higher price at £750.

Car ownership has increased by almost 600,000 in the last year which suggests the situation is only going to worsen.

A separate survey by the AA has revealed that almost one in four drivers in London put off making car journeys to avoid losing their parking spaces and almost 20% of drivers nationally say they always worry about being able to find a parking space when they approach their home.

“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,” said Danny Luke, Quick Move Now managing director.

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