Garage

With property prices on the rise in the UK, you would expect that a house in an affluent area like Chelsea, south-London, to easily cost well over £600K. However, would you believe that someone bought a garage in the area for that amount?

It seems that inner-London garages have been fetching impressive prices recently. Estate-agents to the rich and famous, Savills Auctions, recently sold a garage in Chelsea for £670,000, with the buyer having to pay an additional £23,500 in stamp duty.

Shocking as it may be, this has become a trend for London estate agents. Foxtons recently sold a single garage in Kensington for £200,000. Elsewhere in London garages are being rented out for as much as £650 a month!
Garage

“There have been some unique opportunities and people are realising their value,” Chris Coleman-Smith, Head of Auctions at Savills, told the Daily Mail.

The surge in the number of high-end garage sales is staggering. Savills saw seven single garages come to auction in 2016, compared to six over the course of the previous nine years.

“If you bought a garage ten years ago in central London you are sitting on a goldmine. Some areas have doubled in value in the past five years. Their scarcity value is pushing up prices.”

Parking spaces are certainly a rare commodity in cities like London. Companies like JustPark have been able to make a business out of renting spaces to tourists and commuters. Meanwhile, commuter towns are becoming increasingly popular as more and more workers opt to take the train and avoid early-morning traffic jams.

Garage

“In city and town locations where many properties do not come with off-street parking and for those close to good public transport links, garages can be let out for thousands of pounds each year,” Coleman-Smith continued.

“The development of a number of parking space websites and mobile apps have made generating an income from a garage easier than ever before.

“Alternatively, blocks of garages and garages with parcels of land attached could potentially become development sites subject to the usual planning consents.”