general discussion on parking spaces in London

Doozergirl

It really does depend on where it is. I would look at what a space would rent for.

We've been paying £480 a month for a space in Zone 1.

elverson

Look at the car ownership stats for your immediate area - that might help to inform your decision.

http://www.neighbourhood.statistics.gov.uk/dissemination/

Put in your postcode on the left hand side, then click on Ward, Search, Census, Quick Statistics, Car or Van Availability.

maxthepolarbear

AFF8879 wrote: »

How central is it? If in zone 1/2 it's probable that most potential purchasers won't need a parking space. £25,000 seems crazy unless you're talking ultra central.

I have a parking space with my flat in Bow, if it was worth anywhere near that I'd be selling it tomorrow!!

It's in zone 2 - around East India, near Canary Wharf

saajan_12

maxthepolarbear wrote: »

It's in zone 2 - around East India, near Canary Wharf

I'd say parking would be pretty useful there - not so central that people exclusively rely on tubes, but central enough that there is a limited supply of parking. Could be an income stream from Canary Wharf commuters.

Regarding future house value, it depends on whether your potential buyers would use a space (as they may not bother renting it out). Is it a reasonable family home in a decent area? From my experience families would be the main people using cars in that area as the public transport is very good, and sufficient for younger / single people.

neilio

maxthepolarbear wrote: »

It's in zone 2 - around East India, near Canary Wharf

If I were you in that case, I'd definitely buy the parking space as soon as possible before someone else gets it, seriously. That area of town is definitely drive-able and not considered "too central" to have a car. It would not be unreasonable for people there to want to own a car and use it regularly. There are excellent links from that part of town onto the A12, A13, Blackwall Tunnel.

I don't think parking in the next block over is really a big deal. I used to live in Bermondsey and there was no parking when I bought my flat and Southwark Council were not issuing parking permits. I already had a car and desperately sought a nearby space. Luckily someone in the next block over had one and I rented it. It really wasn't a problem for me to walk across a road to a residents' car park, and I doubt it'd be a problem for a lot of other people either, especially in London where compromises have to be made.

I am in no doubt that someone will want to rent that space from you.

steampowered

I bought a flat in East London not long ago, a bit further East from you, and flats with parking spaces were going at about £20k more than flats without.

As you are in East India £25k sounds reasonable. I imagine that would increase the value of your property, and could also make it easier to sell. You could also sell the parking space separately if you preferred.

I'd prefer to have a parking space in the same block. But if the other block was right next door I wouldn't be too concerned about that.

always_sunny

Doozergirl wrote: »

It really does depend on where it is. I would look at what a space would rent for.

We've been paying £480 a month for a space in Zone 1.

WOW!!!! £480 for a parking space?

hazyjo

Definitely would buy too. Would have said no until I realised where it was. Doesn't seem too unreasonable to me. I presume there will be associated ongoing costs with it though (service/maintenance charge?) and it'll be a leasehold purchase?


So it won't actually be linked with your property, it'll just be something separate that you can sell on independently or when you sell your property? Or will you be able to link them? Don't presume they will automatically be linked. Chances are a buyer will have to make two purchases at the same time. Correct me if I'm wrong someone! I bought a FH house with leasehold garages. There was a problem with the deeds where the two weren't linked and were meant to be and they had to pay for a Deed of Rectification (although that's different to what you'll need I expect).


Keep us informed.


Jx

maxthepolarbear

saajan_12 wrote: »

Regarding future house value, it depends on whether your potential buyers would use a space (as they may not bother renting it out). Is it a reasonable family home in a decent area? From my experience families would be the main people using cars in that area as the public transport is very good, and sufficient for younger / single people.

It's a two bed flat I would say the development mainly aim for young professionals but it's quite close to A13 so people might still have a need to use a car from time to time.

steampowered wrote: »

As you are in East India £25k sounds reasonable. I imagine that would increase the value of your property, and could also make it easier to sell. You could also sell the parking space separately if you preferred.

hazyjo wrote: »

So it won't actually be linked with your property, it'll just be something separate that you can sell on independently or when you sell your property? Or will you be able to link them? Don't presume they will automatically be linked. Chances are a buyer will have to make two purchases at the same time. Correct me if I'm wrong someone! I bought a FH house with leasehold garages. There was a problem with the deeds where the two weren't linked and were meant to be and they had to pay for a Deed of Rectification (although that's different to what you'll need I expect).

Jx

My understanding is that the parking space will be linked to the flat so I cannot sell one without selling the other although this is a point I'll need to clarify with the developer and exactly how it is done. Probably will also need to get a solicitor to work out the details...

Yes there will be service charge - still waiting to hear back how much.

searchlight123

i live a bit further east than canary wharf and parking is still at a premium both in cost and availibility.
i would not be deliberating this for very long.
just buy it.
as with properties in these parts, this price will seem like chicken feed in 10 years time.