Value of a Parking Space

[Georgie79]

Hi,

A 1-bed flat in a new build block of 6 flats (in zone 3 London) was sold on the basis of there being 6 off-street allocated parking spaces. Close to exchange, this has now been changed to 4 off-street parking spaces which are available on a first come first served basis. In addition, residents are not permitted to apply for local on-street permits.

How much should this alter the 345k agreed sale price?

Considering that the majority of local 1-bed flats (upper/lower terraced housing) either have a drive or are entitled to parking permits, would a potential future sale of the property be difficult?

Any thoughts on this very much appreciated!
Thanks.

 

[EvolutionBlogger]

You should find out what the sale price of private parking spaces is in the local area. That's the value of what you've lost

You can also find the rental prices of private parking spaces, and apply a 5% yields

 

[Georgie79]

You should find out what the sale price of private parking spaces is in the local area. That's the value of what you've lost

You can also find the rental prices of private parking spaces, and apply a 5% yields

thanks! A quick check and that works out roughly in line with the amount I was thinking. Good tip!