property investment

Since the end of World War II the UK has seen an increase in vehicles on the road year after year in all but one and that’s expected to be the case going into future years, however the majority of vehicles in the UK are in fact stationery at any one time, forcing an increased demand on safe and secure parking spaces for your vehicle, even more so whilst being at home.

So how does a driveway increase your property value?

Most homeowners would agree that they would ideally if possible avoid the burden of parking on the roadside, off street parking has become a premium in cost to park across the UK. Driveways also provide extra benefits such as lower car insurance and a dramatically lower risk of damage to your car then it would do parking on the roadside or other car parking areas.

It’s been stated in a recent poll of potential house buyers that potential buyers make up their mind on a property within the first 30 seconds of the viewing, so offering a driveway will be the first part of the checklist ticked off.

A recent survey by Ideal Homes suggested the 8th most important factor when searching for new home to house buyers is a driveway, with a huge 84% of the survey suggesting a driveway would be a deal breaker.

property investment

What value increase should you expect to see?

This isn’t an easy question to answer as there are number of factors that can play apart, these include the geographical location, the size of the driveway and the surface type of the driveway, but as a rule of thumb you should expect to see an increase in value of 10% as a UK average.

It’s worth noting that the UK has seen properties having more than one vehicle increase dramatically so if the driveway space can offer the luxury of holding more than one vehicle this can only increase the demand for the property.

How much does a driveway cost and what driveway surface is the most popular?

Cost can vary hugely, this is based on size, and location and not only the surface type have you chosen but that of the current surface. Options you can select from for surface type can include:

  • Tarmac,
  • Resin,
  • Block Paving,
  • Flagstone,
  • Gravel
  • Pattern Imprinted Concrete.

Pattern Imprinted Concrete driveways being an ever growing popular choice for many all across the UK, these can come in an array of patterns and colours, so will work well with any property type.

Is it possible a driveway will decrease my property value?

It’s highly likely that a driveway will not de-value your home, but a poorly installed driveway and one that has not been well maintained will put of potential buyers, this is because they could see the extra cost that will be involved to put the driveway right and highlight the extra maintenance that will be needed to keep the driveway looking at its best, after all a poorly maintained driveway will turn potential buyers off from the start as it’s the first impression they see of the property.

New driveway – Why?

If you are considering a new driveway and in two minds, then it’s worth thinking of the extra value it will bring to your property and the extra potential buyers that would be interested in your home should you wish to sell at later stage.

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