The only thing that can add £52,000 to the price of your house | United Kingdom | News
When buying a home, people look at many things before making an informed decision.
However, many don’t realize that certain features of a home can increase or decrease its value.
And the only thing that could increase the price is a driveway.
According to real estate agent data Yopaa driveway could increase the value of your property by up to 10%, with London homeowners potentially adding up to £52,559 to the value of their home.
The benefit of having private parking is especially noticeable in larger cities where spaces are limited, making driveways a desirable feature. News from the sky reports.
In London, where the average house price is £525,586, a driveway could increase the value of the property by between £26,279 and £52,559, the study found.
Other areas are also seeing a significant increase, with aisles totaling £42,664 in Brighton, £35,421 in Bristol and £34,684 in Edinburgh.
Outside of large cities, the estimated added value varies. For example, in the South East a driveway could add between £19,155 and £38,310, while in Yorkshire and the Humber it could increase the value by up to £21,544.
Even in areas with lower house prices, such as the North East, a driveway can cost between £8,532 and £17,064.
Real estate agents have pointed out several factors that influence the added value of a driveway.
These include the availability of free parking locally, the cost of parking permits and the overall demand for off-street parking in the area.
Kesha Foss-Smith, regional director of John D Wood & Co.told Sky News: “In big cities like London this figure would be higher – not only because house prices tend to be higher, but also because parking spaces are scarce and driveways are more valuable.”
She added that the aesthetic appeal of a driveway also matters. “Materials like block pavers or resin-bonded surfaces improve the durability and aesthetic appeal of a driveway, so they are common materials to choose,” she said.
Plus, with the rise of electric vehicles, the convenience of having a home charging station adds even more appeal to driveways.
More than 29,800 electric cars were sold in the UK in October this year, an increase of 25% on the same period last year, according to the Society of Motor Manufacturers and Traders.
Toby Leak, of estate agency Propertymark, said: “With the move to electric vehicles, the transition is certainly easier if you have a private drive where you can add a charging point, which will likely see an increase of demand. “.
Ms Foss-Smith agrees, suggesting that installing a charging station is a smart investment for homeowners.
“Having charging points installed in your driveway could be another great way to increase the value of your home by a few thousand pounds,” she said.
