How parking can increase your home's value by more than 50%

Whether it's carrying the food shop from your used BMW to your door or safely putting your children in their seats for a long journey, having a parking space outside your home is a modern-day must-have for many of us.  

In fact, our study has revealed that having a dedicated parking space could improve your property's value by more than 50%.  

We've analysed property values of for-sale listings on Rightmove with and without parking in cities across England, Wales and Scotland. 

Top 10 cities that see the biggest increase in property value for homes with parking: 

1. Dundee – 50.7% increase in house price value 

2. Stirling – 31.6% 

3. Ely – 26.2% 

4. Aberdeen – 24.5% 

5. Dunfermline – 21.6% 

6. Truro – 16.4% 

7. Perth – 15.8% 

8. Durham – 15.2% 

9. Ripon – 14.3% 

10. Wrexham – 14.3% 

Sam Sheehan, motoring editor at cinch, said: “Most people looking to buy a property will have a wish list: a good location, the right amount of space, and - for many of us - a dedicated parking space.  

“With 50 million drivers across the UK, a parking space is a necessity for many homeowners. So much so that having parking listed with your property could increase the value by more than 50% in some locations.” 

The property market 

Of the 128,310 properties for sale on Rightmove at the time of the study (April 30, 2024), 79,814 had parking listed as a feature.  

Sheehan said: “Of all the properties listed, 53% had parking of some sort. Being able to park your vehicle near or on your property is a necessity for many drivers. Not only does it mean easy access for luggage and kids, it also helps lower car insurance costs as the threat of vehicle crime is lower. 

“With 75% of all adults in the UK holding a full driving license and only half of all properties offering private parking, we might see more new developments built with parking bays in future.  

“From adding private driveways and garages, to wider roads that accommodate curbside parking, there’s clearly a demand for parking options around our homes.” 

Scotland has the highest demand for property parking 

Coming in first place in cinch's value-of-parking study, with the highest percentage price increase for properties with parking, is Dundee.  

On average, a home in Dundee will set you back £190,115 based on asking prices. Add parking to the property, and the average price rises to £286,565 – a 50.7% increase.  

Scottish homeowners clearly value having somewhere to park - four of the top five cities on cinch's list are in Scotland. 

Stirling, Aberdeen and Dunfermline come in second, fourth and fifth place respectively. The average price of properties in these cities rockets when there's a dedicated parking space included.  

Sheehan said: “It's no surprise Scotland ranks first for parking premiums, with the country having 10.4km of road for every 1,000 people, compared to only 6km of road for every 1,000 people across the whole of Great Britain. 

“Scotland has plenty of beautiful roads, connecting stunning countryside with must-visit cities, so discovering that people would pay more for a property with parking here makes sense.”

Property parking can add an extra £7,000 to your pocket 

Across the UK, the average asking price for a property (excluding London) was £403,432 on Rightmove at the time of the study. For those properties with parking, the average price increased to £410,696 - a rise of 3.6%.  

Even in the cheapest location for homebuyers based on average asking price - Preston in Lancashire - there was a 7.5% increase in the average value of a home with parking, compared to those without.  

Truro is the top buying location for homeowners who drive 

Truro in Cornwall comes out on top as the most parking-friendly city when buying a property. Of the 285 properties on sale, only 22 didn’t register a parking space as a feature.  

With its relatively rural location, and fewer public transport options compared to other regions, homes in southwest England often come with parking included. 

Both Exeter and Plymouth, for instance, boast at least one dedicated parking space in more than 75% of homes. 

London is the worst buying location for homeowners who drive 

Considering the number of high-rise blocks of flats in London, it's little surprise that England's capital city has the fewest percentage of properties for sale with dedicated parking.  

Of the 45,784 homes listed for sale at the time of the study, more than 28,000 had no parking space. 

In fact, homeowners in Truro are 54.5% more likely to find a property with parking than London buyers. However, with plenty of public transport, Londoners have lots of other options to get around.  

Best buying locations for homeowners who drive: 

1. Truro – 92.3% of homes for sale have parking 

2. Ely – 91.7% 

3. Hereford – 91.0% 

4. Wells – 90.8% 

5. Wolverhampton – 90.7% 

Worst buying locations for homeowners who drive: 

1. London – 37.8% 

2. Westminster – 42.6% 

3. Salford – 48.3% 

4. Brighton and Hove – 58.4% 

5. Manchester – 58.6% 

Read more about car parking:

• Revealed: UK's most expensive airport for parking

• How to charge your EV if you don't have a driveway

• Best cars for small driveways