We often assume that the best ways to add value to your home are modern, high spec kitchens and bathrooms. Whilst these are great assets to have, for prospective buyers with a big family or prized motor living in busy towns and cities – or even single-track countryside lanes – a private driveway with space for off-street parking can be a real bonus.
So, how much value does a private driveway add?
Industry experts estimate that a private driveway can add between 5-10% in value to your home. With the average house price in the UK currently sitting at around £268,000, this means the potential to add around £13,400 – £26,800 to your asking price and significantly more in pricey areas like London, where the average property price is around £542,000.
If you are unlikely to use your parking area yourself, there is also the option to make a little extra cash by renting it out. Whilst you can do so informally to a friend or neighbour, you can also use apps such as Just Park and ParkLet.
Which other factors affect the value added?
In addition to your location, the amount of free parking available locally and the cost and availability of parking permits will all have an impact on the value private parking adds, as will the number of cars that you can fit on your drive and whether your neighbours also have private driveways.
Do you need planning permission to create a new private driveway?
Generally, a new private driveway will fall under permitted development rights unless it is over 5 square metres and made of impermeable (non-porous) materials without proper drainage. If you live in a conservation area or a listed building you may also require planning permission. If you are unsure whether you need planning permission, always check with your local authority first.
You will also need to factor in the approval and cost of installing a dropped kerb (£1,500 on average) and ensure that your new driveway allows for sufficient drainage to a permeable area like a lawn or border.
What is the best type of driveway to have and how much will it cost?
You will generally need to budget between £30 – £90 per square metre for a new driveway depending on the materials used and the type of ground your driveway will be built on.
- Asphalt or tarmac driveways are the most affordable option but can look less aesthetically pleasing and be vulnerable to chips, cracks, and potholes.
- Gravel is also more affordable and can look more appealing, although a gravel driveway can require more maintenance over time.
- Block paving and cobblestones generally have the most kerb appeal and are very durable and low maintenance, although they also cost more to install. Resin bound and bonded paving is a more affordable option, although impermeable, so it will more than likely require planning permission.
If you are looking for a new home with private parking, what else do you need to consider?
If private parking is on your wish list, make sure that you and/or your conveyancer have done your homework when it comes to land ownership and access rights. For older properties and those attached to other properties, there are sometimes question marks as to who legally owns the surrounding land and how it can be used. Make sure your conveyancer undertakes thorough local searches before you get to the point of exchanging contracts.
