How car technology is impacting property value
Learn the suprising link between modern car tech and property value
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The advancement of car technology is constantly pushing Britain’s infrastructure to change and accommodate the motors of the future.
As of the end of February 2024, there were more than one million fully electric vehicles gracing the roads of the UK, and a further 620,000 plug-in hybrid models.
With more and more drivers jumping behind the wheel of electric cars each year, it’s not only motorways and refuelling stations that are adapting to new motoring innovations. The property market is also quickly becoming mindful of the future of private transportation.
Sam Sheehan, our motoring editor, said: “As the automotive industry continues to roll out new and exciting car tech to make driving a more enjoyable and efficient experience, property owners across the country are taking note and acting accordingly.
“As a homeowner or seller, one of the benefits of adding space or features to suit modern cars is that they can increase the value of the property.
“For example, installing a single charging point can boost your house’s price by up to £5,000 while making it more appealing to EV drivers. It’s a win-win situation.”
But can the introduction of car-tech equipment really bump up the value and attractiveness of your home?
EV charging ports
Considering the increasing number of EVs on our roads, houses with a built-in charging port – or even pre-wired solutions to ease the installation process – can be a very good selling point.
According to research, 76% of UK homes with an EV charger have a higher price tag when compared to properties with no charging port, with EV-friendly houses in Swindon and Walsall witnessing the most significant increase in value.
Dave Sayce, founder of Compare My Move, explained how location plays a part in this. “In general, any good renovation added to a property will raise the value of the property,” Sayce said, “and that applies to any car features you are thinking of adding to a house.
“Introducing an EV charger to your property can add a few thousand pounds to its worth, while acting as an incentive to people who have or are thinking about purchasing an electric car. However, this boost in cost can depend a lot on the area in which your house is.
“For instance, the South East is the region of England with the biggest electric car market. This suggests that adding an EV charger to your property in this part of the country is more likely to raise the value of your home.”
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Vehicle-to-house (VTH) charging
In the near future, electric cars could be used as portable storage batteries to power your home. In fact, the average EV battery has enough capacity to keep your property running for 4.8 days. Impressive, right?
While electric motors can’t function as storage batteries quite yet, the tech – known as vehicle-to-house (VTH) technology – is in development. This would allow EVs to act as a precious backup for power sources, keeping everything ticking even in the event of blackouts and power outages.
To benefit from VTH technology, you would need to install a bidirectional EV charger, as the ordinary EV port can’t feed electricity back to the grid. However, having a VTH charger in place is a unique feature that’s likely to increase the appeal of your home, adding more value to its overall worth.
Garages and parking space
In the UK, approximately 6.6 million houses don’t have a driveway to park their car.
A place to park your vehicle is deemed a highly valuable commodity and can increase your house value by 10%. In fact, Bola Ranson, founder of Ranson UK Ltd, believes that the scarcity of parking spaces has driven up the worth of homes with driveways or garages.
“Whether or not you already have a parking space, adding a driveway or garage to your home is an excellent way to maximise appeal, future-proof and add value at the same time,” Ranson explained.
“Garages can serve multiple purposes as they can double up as a secure storage space. So, building a garage adds valuable square footage, which will immediately make your home more desirable.
“Non-drivers will also love a garage or driveway because it offers their visiting guests a secure parking space.”
As well as providing room for EVs and electric charging equipment, garages can be fitted with smart home systems. These might include anything from automated garage doors to scheduled EV charging slots and temperature adjustments before you reach home.
If you regularly shop online or order takeaway meals, designated car bays within your property will allow future self-driving vehicles – tasked with last-mile delivery – to drop off any purchases at your doorstep.
From EV charging ports and VTH technology to garages equipped with smart home systems, there are several car tech features that can increase the selling price of your house.
But even if you don’t plan on moving just yet, adding car-friendly assets to your property will bring you a wide range of benefits.