Research suggests that purchasing a garage or "lock-up," whether it is for vehicle parking or storage of goods, may not be as simple as it would first appear.

GARAGES

While there is an abundance of such properties for rental (depending on size and location) from a little as £5 per week, garages for sale are apparently somewhat scarce. In searching, for example, the Internet, it seems that there are substantially more advertisements from prospective purchasers than prospective vendors.

It appears that purchasers are becoming increasingly aware of the fact that demand is greater than supply; it is a seller's market. Even at the "sensible" end of the scale, buying a garage is far from cheap. For example, a single garage was recently offered for sale by Aberdeen City Council, with an asking price of £9,500.

Tottenham Hotspur fans are currently "up in arms" regarding the 100-street "controlled zone" in the White Hart Lane area of London. They are concerned about having to park miles away and then face a long walk back to their vehicles after the match. They have also express worries regarding safety issues caused by walking in the dark down quiet streets, along with local car parks virtually doubling their charges. However, single storey double lock-up garages are available, in Park Lane, within easy walking distance of the ground. These have an auction guide price of £8000 to £10000, which seems competitive in today's market.

At the other end of the scale, the ludicrous nature of the market can be highlighted by the following extract from the Times, in November 2005:

'For sale at £300,000: bijou des res, ideal for single car

IT is a familiar and frustrating scene for motorists in Central London � driving around the streets in search of a parking space. Now drivers hoping to avoid the inconvenience have to pay more than double the average cost of a first-time buyer's home just to own a garage in Central London. A 20ft (6m) by 9ft freehold garage in Chelsea is for sale with an asking price of £300,000. On average, first-time buyers pay £133,950 for a property, according to the Council of Mortgage Lenders. Patrick Aschan, of Cluttons estate agency, Chelsea, which is selling the garage in Egerton Terrace, SW3, said that a shortage of places to park had produced an exponential rise in garage prices compared with house prices in recent years. Mr Aschan said that lock-up garages rarely came on to the market because people preferred to keep them even if they were no longer needed. He said, "Garages in Chelsea are as rare as hen's teeth. It is quite a moment when one does come on the market, and it always produces a scramble from buyers. "

Garages make great long-term investments, although in the short term they will probably only see an average return of 5 per cent." Drivers hoping to buy a lock-up garage in one of London's most expensive parking "hot spots" of St James's, Green Park, Knightsbridge and Belgravia will have to pay more than £100,000, according to research conducted by a website, 24 7 Parking. Mark Grantham, of the website, said: "Freehold, lock-up garages are particularly attractive because they are secure, and considered a stable investment. Lock-up garages are suitable for storage of all kinds � this adds to their value." This year bidding pushed the sale price of a double garage in Notting Hill, West London, to £240,000 � £100,000 more than the guide price.

Developers have also been capitalising on the demand for parking. Spaces at The Knightsbridge, a development in Westminster, cost up to £175,000. Linda Beaney, of the estate agent Beaney Pearce, said that parking spaces in developments in the most expensive areas of London cost between £40,000 and £75,000 each, and that in fringe areas of the city, a developer could ask £25,000. She said, "Car parking prices have risen because of the diminishing supply dictated by planning consents. Chelsea residents are terribly reliant on residents' parking, and it only takes a few suspended parking bays before residents are forced to park in neighbouring streets." '

Similar offers, from the same period included:
A single garage in Chelsea for £300,000.
A double garage in Notting Hill for £240,000.
York House Private Car Park, London W8, has spaces for £126,000.
A 20' x 9' 4"n garage in Allen Street, London SW7, for £112,500 on a 48-year lease.
A garage on Holland Park Avenue for £110,000.
A garage on Dovehouse Street, Chelsea, for £70,000 on a 12-year lease.

PARKING SPACES

Driving endlessly around town on a daily basis is a nightmare and parking fees over a month can soon add up. Parking vouchers or car parking fees cost a fortune.

If you live in town, buy a parking space. Don't let anyone tell you it's an unnecessary extravagance. It's essential and don't try to negotiate a deal after you have completed. The price will just go up.

Nothing that enhances your home's value, while being lucrative can be a bad investment. So before you slap a deposit down, put a bit of thought into the type of accommodation your car can call home:

1. Underground
This is the most common nowadays, given space considerations, but there are all sorts of combinations. Some developments have lifts "that beam you up" to ground level. However if this is your preferred method, you may want to think about a car that starts first time, every time, as there could be quite a queue to get out in the morning at around 8.

2. Separate
There are housing developments which recommend a nearby car park where you can get a permit at a "discount." Be careful because the discounts on parking only last for a limited period (or just as long as the development takes to finish). After that, the fees sky rocket to thousands of pounds per annum. If you're a prospective landlord, be warned that any tenant will always prefer a flat with on-site parking. Apartments without a parking space will attract less rent. If you're feeling flush, buy two spaces and rent one out. It will cost you between £17k and £25k per space, depending on the location. Look upon it as a top-up for your pension and an appreciating asset. Keeping the figures simple, £80 a week on parking is £4,160 a year. If you live in town for 3 years, that's a grand total of £12,480.

It makes sense to buy!
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