In a revealing analysis of the property market, it has been uncovered that buyers in Barking and Dagenham are paying a staggering premium of £129,000 for homes with garages, making it the highest such premium in the UK. According to research by Zoopla, the average asking price for properties with garages in this east London borough stands at approximately £500,000, significantly surpassing the average asking price of a typical home in the area, which is £371,000.
This trend points to a broader issue in densely populated urban environments where parking availability is often limited. The expansion of the Ultra Low Emission Zone (ULEZ) in August 2023 has heightened the need for compliant vehicles and accessible parking spaces, exacerbating demand for garages. Zoopla notes that in cities like London, where on-street parking is frequently at a premium, garages become invaluable assets. Additionally, with storage space becoming increasingly scarce, many homeowners are utilising garages for additional storage or even converted living or working spaces, given the relatively high costs associated with urban real estate.
Interestingly, Barking and Dagenham's demand for garages outstrips even that of larger metropolitan areas. Following this borough, Leicester ranks second for garage demand, where homes with garages command an average price of £325,000—£63,000 more than those without. Sandwell in the West Midlands comes next, with homes with garages priced at an average of £280,000, compared to £241,000 for their counterparts lacking a garage.
Other areas in London, such as Hounslow and Hillingdon, also feature prominently on this list. In Hounslow, where the immediate proximity to Heathrow Airport adds to the area's appeal, homes with garages average £575,000, while in Hillingdon, the figure climbs to £644,000. This trend is echoed across various regions of the UK, with significant premiums for garage-equipped homes in Walsall, Wolverhampton, Dartford, Havering, and Slough.
Conversely, some regions in the UK are still considered more affordable for buyers seeking homes with garages. Hull, for instance, boasts the lowest average asking price for such properties at approximately £180,000, a mere £30,000 above the typical home price in the area. Blackpool and Stoke-on-Trent also provide affordable alternatives, with homes averaging £185,000 and £220,000 respectively.
As the data highlights, the term "garage" has emerged as the second most searched keyword on Zoopla in 2023 and 2024, with "double garage" entering the top five for the first time. This sustained interest suggests that for many, having a garage has transformed from a mere luxury to a significant necessity in today’s housing market. Daniel Copley, a consumer expert at Zoopla, emphasised that this trend underscores the premium buyers are willing to invest for extra space and secure parking, particularly in tightly packed urban centres.
Toby Leek, the president of the NAEA Propertymark, attributes this growing interest to the rising number of drivers and increasingly popular trends such as accommodating electric vehicle charging at home. Additionally, the lasting impact of the pandemic has seen many buyers prioritising outdoor space, making larger properties with garages, driveways, and gardens significantly more attractive.
As the property market continues to evolve, the demand for garages highlights changing lifestyle preferences and the influence of urban living pressures. Buyers are clearly willing to pay a premium for convenience, security, and the extra space that garages provide in an increasingly crowded housing market.
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Source: Noah Wire Services