Homeowners sitting on a fortune with their unused lock-ups…
Woman sitting on a sofa and using a laptop.
MILLIONS of Brits could be missing the chance to pocket tens of thousands a pounds, a property expert says.
Jonathan Rolande says the pandemic has led to a “boom” in sales and rental deals for garages and soaring numbers of people are clearing them of junk so they can cash in.
Garages in London are regularly on sale for more than £200,000. And last week one in Edinburgh hit the headlines after going on sale for £185,000.
Jonathan, from House Buy Fast, says the explosion is a UK-wide trend with prices in most areas DOUBLING in the past few years.
And he predicts this will only continue into 2022 as “more and more people” are looking to buy unwanted garages.
Jonathan said: “This is a booming market right now and some of the money being paid for garage sales and rentals is absolutely staggering.
“Many buy them to turn into workplaces because the trend towards remote working is becoming a permanent fixture in people’s lives.
“Others turn them into a gym. Remote working and side hustles mean many entrepreneurs need storage for their wares prior to selling online or at craft fairs. Homes are getting smaller whilst what we own is becoming more plentiful – PC’s, larger TV’s, games consoles etc all take space so many people also rent a garage to store ‘might use one day’ items.
“Many people find a rental garage or even buying one can be a better long term investment tha handing over cash to a private storage company.
“Increased demand and rents have really caught investor’s eyes who see garages as a way to make a secure income. Those needing longer term storage or parking are also boosting the sales market.
“Landlords love them because there is constant demand, whatever the economy is doing. And unlike residential property, there is minimal maintenance and repair needed between tenants. In these times where every cost seems to be increasing, an additional income for unused space is proving very tempting for many and this is only likely to carry on into 2022.”
The double garage put up for sale in the Scottish capital last week is described as being “well positioned” in a “well sought after” area.
A sales brochure states it could easily be converted to a single unit providing even more storage space for its owner.
Marketed through estate agents Savills, the total space available at the Lynedoch Place Lane site is 337sq ft.
The average house price in Edinburgh sits at £293,406 while the average price for Scotland is around £183,000.
One local said: “It’s a very nice area but it seems to be a lot of money for a double garage.
“No doubt it’ll get snapped up because it’s in the perfect location in the west end.”
The surge in value of garage space comes as surveyors warn that a shortage of homes available to buy are holding back sales and pushing up house prices.
The number of new listings again failed to keep up with demand over Christmas, leading to agreed sales dropping and underpinning house price rises, the Royal Institution of Chartered Surveyors’ UK residential market survey found.
Some 69 per cent of property professionals reported a rise rather than a fall in house prices in December, and 67 per cent expect prices to increase over the year ahead. Expectations about house price rises are particularly elevated in Scotland and the South West of England, with net balances of 88 per cent and 84 per cent respectively of property professionals expecting price increases rather than decreases.
