PROPERTIES WHERE RESIDENTIAL PARKING PERMITS APPLY TAKE TWICE AS LONG TO SELL

Written by Posted On Monday, 21 March 2016 03:20

 

Properties in resident parking zones take twice as long to sell as homes with off-street parking provision, research by Quick Move Now revealed today.

House sale data produced by Quick Move Now reveals that problems caused by residential parking are leading to many home owners looking to move within the next 12 months.

Quick Move Now house cash sale transactional 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.

Research by Quick Move Now also shows that parking is a bigger reason for putting up a ‘For Sale’ sign than lack of space, crime, distance to work and neighbours with many home owners looking to move home within next 12 months as a result.

Commenting on the research, 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, parking is a real issue for a large proportion of 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 property shortage.

“Whilst lack of space, distance to work, noisy neighbours, crime rate and a change in financial circumstances were more common reasons to move home in the past, lack of parking availability is now often the main motivation for moving to a new property.

“Ever increasing car ownership has led to councils issuing more permits than there are spaces in some residential areas so many drivers are left with no guarantee of finding a space outside their home which can often trigger the decision to sell up and move elsewhere.”

 

 

 

 

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