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Roseland69

Wanstead: House Prices Could Drop If Parking Permits Introduced.

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Glad I sold my car. If anyone wants to park their car on my drive, they can for £50/annum

"families with three cars pay out £233.75 a year for parking bays which were previously free"

So £78/annum per car which over 20 years is little more than £1,500. I don't see how that will result in a £100K drop in price (approx difference between Leytonstone and Wanstead for similar property,

Maybe they could just have one car or catch the bus/tube.

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Glad I sold my car. If anyone wants to park their car on my drive, they can for £50/annum

"families with three cars pay out £233.75 a year for parking bays which were previously free"

So £78/annum per car which over 20 years is little more than £1,500. I don't see how that will result in a £100K drop in price (approx difference between Leytonstone and Wanstead for similar property,

I think you're missing the key points... it's not the cost this year that really matters.

I'm currently renting a flat with parking - all around me is double-red and permit-only. I paid a premimum to rent somewhere with its own parking - because I don't want to be jerked about... I have a car, and I need to be able to park it without fannying about. I reckon this facility costs me ~£1500/anm over and above renting somewhere without its own parking and buying the £100/anm permit. For me, even as a renter, securing this essential facility was what closed the deal on this flat. Just extrapolating that revenue against mortgage interest... that justifies £30K on the price considering just one year - assuming parking becomes no more contentious in future.

If I were to own, I'd be even more focused on parking... the problem isn't the current price of a permit, or even the long-term costs of permits... but the catastrophy that would happen if I were denied a permit (for whatever reason) at some point in future. I'd need to factor into my value of the house the prospect that I may become a forced seller as I can't/won't live somewhere where I can't keep a car. That could easily wipe £100k off the value of a house (at todays' levels, at least.)

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so as most of us on here actually want a HPC on a grand scale, shouldn't we all be campaigning for things like this that are a detriment to house prices?

Perhaps we should start campaigns for Nuclear Power Stations, Waste Incineration sites, Immigration detention centres etc to bring the prices down that way?

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I think you're missing the key points... it's not the cost this year that really matters.

I'm currently renting a flat with parking - all around me is double-red and permit-only. I paid a premimum to rent somewhere with its own parking - because I don't want to be jerked about... I have a car, and I need to be able to park it without fannying about. I reckon this facility costs me ~£1500/anm over and above renting somewhere without its own parking and buying the £100/anm permit. For me, even as a renter, securing this essential facility was what closed the deal on this flat. Just extrapolating that revenue against mortgage interest... that justifies £30K on the price considering just one year - assuming parking becomes no more contentious in future.

If I were to own, I'd be even more focused on parking... the problem isn't the current price of a permit, or even the long-term costs of permits... but the catastrophy that would happen if I were denied a permit (for whatever reason) at some point in future. I'd need to factor into my value of the house the prospect that I may become a forced seller as I can't/won't live somewhere where I can't keep a car. That could easily wipe £100k off the value of a house (at todays' levels, at least.)

In Wanstead, there are a lot of restrictions in place that already prevent a lot of residents parking between 9.30am and 10.30am. I suspect that should these become resident only bays, many people would be happy to pay the £80/annum so they can park outside their homes, rather than around the corner (which can be quite a distance) where the restriction does not apply. In these cases, I can see prices rising with the availability of resident's parking.

Also a large number of houses in the area have drives and are unlikely to be affected. The areas where there are large number of drives are unlikely to have the permit parking at all. Also many people who live in flats have private parking, so again these are unaffected.

All it will do is make houses with drives more desirable in the area and probably inspire some people to concrete their gardens. But I don't see it having a massive effect on prices.

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In Wanstead, there are a lot of restrictions in place that already prevent a lot of residents parking between 9.30am and 10.30am. I suspect that should these become resident only bays, many people would be happy to pay the £80/annum so they can park outside their homes, rather than around the corner (which can be quite a distance) where the restriction does not apply. In these cases, I can see prices rising with the availability of resident's parking.

Also a large number of houses in the area have drives and are unlikely to be affected. The areas where there are large number of drives are unlikely to have the permit parking at all. Also many people who live in flats have private parking, so again these are unaffected.

All it will do is make houses with drives more desirable in the area and probably inspire some people to concrete their gardens. But I don't see it having a massive effect on prices.

I can see the EA advert now - "comes with private off street parking" - so spend a few grand concreting your front garden, ruin the view etc. all to avoid £80 a year.

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I can see the EA advert now - "comes with private off street parking" - so spend a few grand concreting your front garden, ruin the view etc. all to avoid £80 a year.

A better reason to have a drive would be to reduce Insurance premiums. The real reason for bringing in the restrictions isn't any real parking issues but to raise money through parking ticket/fines/permits.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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