Parking spaces in London are becoming scarce, and therefore the most liquid asset

Less than one-fifth of new residential properties in London includes a Parking space in the asking price. In other UK cities about 67% sold with a Parking space.

The shortage of Parking spaces in London has led to the fact that the price of an object with space for Parking may increase to 13% . In addition, existing rules for developers, limit the ability of buyers – only buyers of a flat or house in London with at least two or three bedrooms may qualify for a Parking space.

Research conducted by Direct Line’s SELECT Premier Insurance showed that on average, developers add Parking about 5% to the price of the new object. Meanwhile, for example, in the prestigious Battersea Park flats worth £500000 , £65000, which is 13% of the cost of the apartment. However, only 18% of residential properties sold generally had the opportunity to offer their customers Parking in the composition of the sold object.

In the regions with the Park fared much better. For example, in big cities such as Leeds, Bristol and Glasgow 67% sold of residential properties already have a place to Park.

The shortage of Parking spaces in London is forcing developers to impose restrictions, confer the privilege of the owner of the Parking spaces only to the very wealthy buyers. For example, in a new building on the waterfront of London, have Parking place, only a buyer a property worth £1.5 million

However, those residents who can’t afford a Parking space in the property, rent it, but the price range for this kind of service is quite impressive. For example, in Brixton, for buyers of property worth £577000 , car Parking costs just £105 per year, and for property buyers in Bristol worth £500,000 pounds, a Parking space costs £1400 per year, the Marina in Brighton – £250 per year, and in the city of London – £1,000 per year.

Given that in the UK conducted large-scale construction projects in large cities, the traffic volume will increase, which, of course, will continue to exacerbate the problem of availability of Parking places. Now quite difficult to buy a small one bedroom apartment or Studio to get a free Parking space. Thus, Parking space is getting pretty expensive asset than you should use to investors .

® Alice Morgan. 13.01.2016

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