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It takes twice as long to sell ‘parking permit’ homes

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11/03/2016
Parking problems cause many homeowners to simply sell up and move house
It takes twice as long to sell ‘parking permit’ homes

Properties where residential parking permits apply take twice as long to sell as those with off-steet parking, according to new research from Quick Move Now.

The homebuying firm said that the problem was so bad in some areas that residents simply decide to move home. Over a third of households in the North West sell their home because of problems with parking, according to the research, with Manchester residents the most inclined to cite this as the major reason for putting their home on the market.

A quarter of households in London and the South-East (25%) have decided to sell up and move house due to parking concerns, but in contrast only 2% of vendors in the East Midlands have similar worries.

Clock is ticking

Quick Move Now’s data for the last 12 months shows that properties with off-street parking provision take on average just 25 days to sell compared to 50 days for properties in areas where parking restrictions exist.

These findings follow research that shows 62% of councils issue parking permits. Birmingham and Manchester head the list of the highest annual parking permit charges in the UK followed by the London Borough of Islington.

The national average cost of an annual permit is £59.17, however Birmingham City Council and Manchester City Council both charge £750.

Danny Luke, Quick Move Now managing director, said: “Our findings show that properties with off-street parking provision sell in half the time and are very attractive to prospective buyers.

“With no guarantee of being able to park outside, or even near their property, and a postcode lottery determining the cost of on-street parking permits, this is a real issue for a large proportion of UK home owners.

“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.”

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