Why properties in resident parking zones could take twice as long to sell

Why properties in resident parking zones could take twice as long to sell

It might not be something that people would think too much about when it comes to selling their home, but recent research has revealed that properties in residential parking zones take twice as long to sell as those with off-street parking provision.

It's a problem that is particularly acute in a number of the UK's largest cities, including Birmingham and Manchester. In fact, many homeowners in these areas are now considering moving away within the next 12 months because of the issue.

While properties with off-street parking provision take, on average, 25 days to sell, properties in places where there are parking restrictions take on average 50 days to sell.

A shortage of parking places is a real bone of contention in the North-West, with 34% of people in this region choosing to sell up and move home thanks to parking concerns. It is also cited in this region as the main motivation for moving elsewhere.

Inhabitants of London and the South East also have major issues with parking, with 25% opting to up sticks and sell because of a lack of parking availability. By contrast, only 2% of sellers in the East Midlands have similar concerns over parking.

Those in Wales and the South West are also much less affected, with only 10% and 12% of homeowners in these regions deciding to move because of parking issues.

The research, which polled nearly 1,000 family home owners in England and Wales, also found that parking issues are a bigger reason for putting up a ‘For Sale’ sign than lack of space, crime, distance to work or rowdy neighbours.

This follows on from other research that revealed 62% of councils in the UK issue parking permits, with Manchester and Birmingham the costliest locations, closely followed by the London Borough of Islington.

The national average price of an annual car park permit is just £59.17, but the councils in Birmingham and Manchester charge a humongous £750!

Recent findings from the AA also showed the huge importance placed on finding a parking space. It found that nearly 1 in 4 drivers in London refrain from car journeys to avoid losing their parking space, while roughly 20% of drivers on a national basis said they “always worry” about finding an available parking space as they approach their home. With car ownership going up and up, this issue is only likely to become more problematic.

Of course, as a home seller, this can be used to you advantage. If you have off-street parking provision or a guaranteed parking space somewhere, flag this up to sellers. Use it as an integral part of your sales strategy. As the research above sets out, it's clearly something that people buying and selling homes place a lot of importance on.