Revealed! The premium buyers will pay for a home with a garage

The London Borough of Barking and Dagenham is experiencing the highest demand across the UK for homes with a garage, research suggests.

New analysis by Zoopla found average asking prices for these types of homes in the borough are at £500,000. 

That is £129,000 more than the average asking price of a typical home in the area (£371,000), an example of the premium some are paying for a home with a garage.

Garage was the second most searched for keyword on Zoopla in both 2024 and 2023, with the keyword ‘double garage’ entering the top five for the first time in 2024. This sustained level of interest suggests that a garage is not just a desirable feature but a significant priority for the vast majority of home buyers, the portal said.  

Despite the expansion of the ULEZ zone in August 2023, London boroughs occupy four of the top ten UK areas where demand for a garage is the highest.

Parking is often restricted in bigger cities like London, making garages a valuable asset for homeowners in the capital. Additionally, in a city where space comes at a premium, some homeowners may see an opportunity to utilise garages for extra storage or additional living and work areas. 

Those hoping to secure a home with a garage without paying a premium might be in luck. Topping the list for the lowest average asking price is Hull in Yorkshire and The Humber, where a home with a garage can be found for around £180,000, £30,000 more than the asking price of a typical home in the area. This is followed closely by Blackpool in the North West at £185,000 and Stoke-on-Trent in the West Midlands with an average of £220,000.

In the south of the country, those looking for a home with a garage at a more accessible price point will find the most affordable options in the South West and South East. Plymouth leads the way in the South West with an average asking price of around £301,000 for a property with a garage. In the South East, Gosport offers the most budget-friendly opportunities, with an average asking price of £338,000, £57,000 more than the asking price of a typical property in the area. 

Interestingly, homes with a garage in Bexley, another London borough, currently see average asking prices of £500,000, similar to that of Barking and Dagenham, although demand is lower. This is £50,000 more than the average asking price of a typical home in the area.

Daniel Copley, consumer expert at Zoopla, comments:

“Our data paints a clear picture: for many homebuyers, a garage isn’t just a nice-to-have, it’s a serious priority, consistently ranking as one of the most sought-after features on Zoopla. 

“The intense demand we’re seeing in areas like Barking and Dagenham, and Leicester, very much underscores the premium buyers are willing to pay for that secure parking or extra space, particularly in densely populated urban centres where parking is often a headache.”

Kindly shared by EstateAgentTODAY   Picture courtesy of Adobe