Thursday, April 24, 2008

Too many people, too few parking spaces

Research conducted by The London Housing Federation predicts that London will have another 280,000 cars in 10 years time, as a consequence of the city's population increasing by 800,000. The result will be parking spaces in London becoming increasingly difficult to find.

Key views to come out of the research are:

  • More than 50% of homebuyers in West London would not buy a home which didn't have any parking facilities.
  • 53 per cent of people said that they might give up their car if they lived close to good public transport.
  • 43 per cent of potential homebuyers believe that public transport is unreliable.

One of the key trends in the future could be the increased activity of buying and selling private parking spaces and garages. With many London properties valued in excess of £1 million purchasing a parking space on top of this for an excess £100,000 doesn't seem too extreme.