Millions of homebuyers would pay thousands extra for a driveway

More than half of homebuyers would be willing to pay a premium for a driveway on their property

More than half of homebuyers would be willing to pay a premium, some even more than £20,000, for a driveway on their property.

The in-depth study of more than 2,000 Brits by leading online parking portal YourParkingSpace reveals the eye-watering amounts that desperate homebuyers would splash out so they can park their car close to where they live.

Almost one-in-four would be happy to pay an extra £1,000 to £5,000 for private parking, while one-in-six would stretch their finances even further, up to £10,000.

Incredibly, just under one-in-ten would dig even deeper into their pockets and be happy to pay an extra £20,000 so they can park on a driveway outside their property, while a small minority said they would be willing to go all out and push it over £20,000.

Having a driveway can provide a variety of benefits to homeowners, apart from the obvious convenience of being able to park directly at the property, avoiding the need for continually searching for a parking space.

It also provides the opportunity to rent it out as a parking space when not being used to needy motorists, while industry figures suggest that adding a driveway increases the value of a property by 5 to 10 per cent.

Andy Syrett, UK managing director at YourParkingSpace, said: “The importance of having a driveway for homeowners is clear to see from our study.

“The huge amounts that some are willing to pay could reflect the difficulty of finding a parking space in their local area.

“However, the good news is that the extra money spent on buying a home with a driveway could be recouped in a couple of ways.

“In many cases it adds financial value to the property, while it can also be rented out as a parking space when it’s not being used.”

Last year alone, almost £10m was made by homeowners renting out their empty driveway or parking space via YourParkingSpace.co.uk.

Meanwhile, further analysis of the YourParkingSpace study shows that Londoners and those in the North West are most likely to spend more with 15 and 14 per cent respectively saying they’d spend an extra £10,000-£20,000.

For more information about YourParkingSpace, or to list a driveway or off-road parking space, visit www.yourparkingspace.co.uk.