The value of a house in the UK can be increased by as much as 10 per cent if a parking space is added, according to recent research.
Data has been published by the online parking market place YourParkingSpace, which quotes estimated figures acquired from Virgin Money. The data claims that adding a parking space increases a property’s value by up to £19,000, which is more than updating the kitchen or putting in an extra bathroom, which adds up to £11,500.
It’s also been found that property owners could potentially pocket an additional £1,500 per year by renting out the private parking space at their home.
A spokesperson for YourParkingSpace said: “It’s never been a more difficult time for those on the housing ladder and many families are finding that they need to find new ways to raise money and bridge the funding gap to their next home.
“By renting out your parking space you can generate extra income meaning that if you do decide to move up the property ladder you’ll have even more money to help you out.”
