How much extra would YOU pay for a house with a garage? Home buyers in one area pay a £129,000 premium
Buyers snapping up a home in one London borough have to pay a £129,000 premium to get a home with a garage - the highest in the country, research suggests.
Demand for properties with garages in Barking and Dagenham is the highest out of anywhere in Britain, Zoopla said.
Average asking prices for homes with garages in the east London district are around £500,000. This is £129,000 more than the average asking price of a typical home in the borough, standing at £371,000.
Despite the expansion of ULEZ in August 2023 - which means drivers of non-compliant vehicles must pay a daily charge - London boroughs comprised four of the 10 locations where demand for homes with garages was highest.
It might suggest that these are the areas of the country where on-street parking is the biggest headache.
'Parking is often restricted in bigger cities like London, making garages a valuable asset for homeowners in the capital', Zoopla said.
It added: 'Additionally, in a city where extra storage comes at a premium, some homeowners may see an opportunity to utilise garages for extra storage or additional living and work areas.'
Some garages built decades ago are now too small for popular larger vehicles such as SUVs, leading homeowners to convert them for other uses.
Leicester in the East Midlands is the location with the second highest demand for properties with garages.
In Leicester, the average asking price for a home with a garage is £325,000. Homes without garages in the area typically attract asking prices of around £262,000.
Sandwell in the West Midlands came in third place in the list. There, homes with garages generally have asking prices of £280,000, compared with £241,000 for those without one.
Fourth was the London borough of Hounslow, which is where Heathrow Airport is located. Average asking prices for properties with garages are £575,000, while for those without one it is £509,000.
Hillingdon in London came out fifth in the areas where demand for garages is highest across Britain. In Hillingdon, the average asking price of a home with a garage is £644,000, compared to £506,000 for those without.
Walsall also made it to the top ten. Homes with a garage in Walsall are listed for about £296,000, against £235,000 for those without one.
Dartford, Havering and Slough also made it to the top 10 locations where demand for properties with a garage is highest.
Where to snag a garage for a bargain
Zoopla also looked at the areas where having a garage made less of an impact on a home's asking price.
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 was followed closely by Blackpool in the North West at £185,000 and Stoke-on-Trent in the West Midlands with an average asking price of £220,000.
In the south of England, buyers looking for a home with a garage at a cheaper price will find the most affordable options in the South West and South East.
Plymouth led 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 offered the most budget-friendly option, with an average asking price of £338,000 for a home with a garage, £57,000 more than the asking price of a typical property in the area.
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.
Regions: How much a home with a garage costs across the country
Rank Region Local authority Average asking price of a home with a garage Average asking price of a typical home
1 Yorkshire and The Humber Hull £180,000 £150,000
2 North West Blackpool £185,000 £139,500
3 West Midlands Stoke-on-Trent £220,000 £177,000
4 North East Middlesbrough £221,000 £160,000
5 Scotland North Ayrshire £235,000 £165,000
6 Wales Blaenau Gwent £245,000 £155,000
7 East Midlands Boston £265,000 £200,000
8 East of England Peterborough £295,000 £245,000
9 South West Plymouth £301,000 £240,000
10 South East Gosport £338,000 £281,000
11 London Barking and Dagenham £500,000 £371,000
12 London Bexley £500,000 £450,000
Zoopla
Zoopla said the word garage was the second most searched for keyword on Zoopla in 2023 and 2024, with the term double garage also entering the top five for the first time.
'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', Zoopla said.
Daniel Copley, a consumer expert at Zoopla, said: '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.'
Toby Leek, president of estate agent body NAEA Propertymark, said: 'There is a continued increase in people looking for garages and parking spaces as the number of drivers on the road rises, and trends such as having space for electric vehicle charging at home grows in popularity.
'Alongside this, the surge in desire for outside space post-pandemic is pushing more buyers to pursue larger properties with driveways, garages and gardens, moving away from apartments and flats.'
How to find a new mortgage
Borrowers who need a mortgage because their current fixed rate deal is ending, or they are buying a home, should explore their options as soon as possible.
Quick mortgage finder links with This is Money's partner L&C
> Mortgage rates calculator
> Find the right mortgage for you
What if I need to remortgage?
Borrowers should compare rates, speak to a mortgage broker and be prepared to act.
Homeowners can lock in to a new deal six to nine months in advance, often with no obligation to take it.
Most mortgage deals allow fees to be added to the loan and only be charged when it is taken out. This means borrowers can secure a rate without paying expensive arrangement fees.
Keep in mind that by doing this and not clearing the fee on completion, interest will be paid on the fee amount over the entire term of the loan, so this may not be the best option for everyone.
What if I am buying a home?
Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be.
Buyers should avoid overstretching and be aware that house prices may fall, as higher mortgage rates limit people's borrowing ability and buying power.
How to compare mortgage costs
The best way to compare mortgage costs and find the right deal for you is to speak to a broker.
This is Money has a long-standing partnership with fee-free broker L&C, to provide you with fee-free expert mortgage advice.
Interested in seeing today's best mortgage rates? Use This is Money and L&Cs best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs.
If you're ready to find your next mortgage, why not use L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you.
> Find your best mortgage deal with This is Money and L&C
Be aware that rates can change quickly, however, and so if you need a mortgage or want to compare rates, speak to L&C as soon as possible, so they can help you find the right mortgage for you.
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