Just how much value does a driveway really add to your home?

Leaders are masters at giving accurate property valuations, we deliver results that matter time and time again, and we know what to look out for to improve the value of your home. The list of things prospective buyers look out for in their new home is seemingly never ending. However, with the RAC Foundation reporting 38.4 million licenced vehicles recorded in the UK in 2018, prospective homeowners could be forgiven for listing parking as one of their main priorities when searching for a new house.

Parking is a huge issue in many areas, especially in busy towns and cities and it’s likely to get a lot worse before it gets better. Councils are frequently introducing more and more restrictions, even on the most residential of streets, but not many of us are going to give up our cars any time soon. Therefore, it is highly likely that parking spaces will be at an even higher premium than they are now in 10 or 20 years’ time.

If your property is in an urban area, where parking is a premium feature, you can add some serious value by maximising every inch of exterior space. As well as paving over your front garden, you will need to drop the kerb and are likely to need planning permission for this.

How much does a driveway cost? 

As with any construction job, there are a few variables at play here. When it comes to building a driveway from scratch, the following factors can all have an impact on price:

·         Location

You’ll generally pay a higher cost for labour the closer you live to London, or any other large city.

·         Materials

There are a huge range of options available when it comes to choosing the finish of your driveway, from block paving to concrete and asphalt. Some are much cheaper to have laid, but may require more maintenance in the long run.

·         Size

Unsurprisingly, size will also affect the final price, with larger driveways requiring more materials and additional labour costs.

According to PriceYourJob, the average total cost of block paving a small driveway is £3,500. Of this cost, more than two-thirds will contribute towards labour, with the remainder split between materials and waste removal. For a two-car driveway, the cost rises to £4,500, while a three to four-car driveway will set you back an average of £6,000.

It’s estimated that having an attractive driveway to compliment your home can add up to 10% of your property’s value, according to Virgin Money. So, with the UK’s average house price coming in at just under £230,000, your home could benefit from a significant financial boost if parking is an available option to buyers.

Whilst it is most definitely an extreme example, a parking space behind Hyde Park Gardens in Central London went on sale for a whopping £350,000 earlier this year. That’s just for a single bay – no home attached – and it only had 88 years remaining on the lease!

So, if you thought that parking spaces weren’t all that important, it might be time to reconsider. Thinking of selling your home? Driveway or not, our expert sales teams are here to offer you sound advice and a free, up to date valuation of your home. Contact your local branch today.

Further reading

How much value does a garage add to your property?

 

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