Prepared to pay for parking?

New research from Halifax Estate Agents reveals that securing a safe parking spot is increasingly important when searching for a new home. In fact, 68% of us would be prepared to pay more for a property with a designated parking space or driveway.

As the British love affair with motor cars looks set to continue, the latest figures show that 63% of women and 81% of men now hold a full UK driving licence and three quarters of households now own at least one car.

Of UK homebuyers, those aged between 55-64 would be more likely to pay extra. Nearly four in five (77%) of this age group stated they would be prepared to splash out to secure a private parking spot. This compares to 43% of those aged 16-24, who wouldn't be prepared to pay a premium.

The research also shows that 84% of residents in the West Midlands are willing to pay more for parking. However, inhabitants of the North West are least prepared to pay out with 58% willing to pay a premium.

On average, people would be prepared to pay just under £5,000 (£4800.30). But 11% would pay up to an additional £5,000 to £10,000 for a property with private parking.

In terms of age, 9% of those in the 35-44 years age group would refuse to pay any more for a new home to include a designated parking area. However, nearly three quarters of respondents aged 25-34 years would be prepared to count out up to an additional £5,000. In this same age group, 1% also said they would be willing to pay between £50,000 - £100,000 extra to secure a parking spot for their vehicle.

Meanwhile, Northerners are sitting tight with more than 11% unwilling to pay more for designated parking facilities.

Conversely, two in five residents in Wales would consider paying between £5,000 and £10,000. In the South-West 1% of respondents stated they would be prepared more than £100,000 to secure a designated parking area.

24 July 2007 © Moneyextra.com

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