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Parking space 'can drive property values'

Parking space 'can drive property values' The provision of parking space can have a significant impact on the value of a home, it has been suggested.

Speaking to the Daily Telegraph, Ed Mead of estate agents Douglas & Gordon points out that in London "parking space is the single biggest unique selling point and will add value out of all proportion to a property".

Indeed, he suggests that adding a space at a cost of £25,000 to a £500,000 property will see more than double the original investment be added to the overall value of the home.

As such, increasing a home's parking facilities could prove to be an effective DIY project.

The publication also reveals that the cost of a three-bedroom house with a parking space in Bathwick Place, Bath from Ash Mill Developments currently stands at £825,000.

However, the same home with an additional parking space sees an extra £30,000 be added on to the value of the property.

The potential benefits of carrying out such a DIY project can be seen as a 2007 study by Halifax revealed 61 per cent of people view off-street parking to be an essential feature to a home.

Written by Thomas Morris ADNFCR-2244-ID-19376824-ADNFCR