The UK has enough wasted and unused garage space to build nearly 600,0002 new houses, according to new research.
In some good news for homeowners, despite this year’s slumping housing prices, new research by Admiral Money has revealed that homeowners could have over £48,0003 of potential untapped property value, converting their unused garages.
The research, based on ONS data, demonstrates how homeowners could increase the value of their home by transforming wasted square footage into extra living space. By converting their garage, Brits can shape their homes to meet their post-pandemic lifestyles: installing home-offices for hybrid working, dedicating a location to at-home-workouts to help keep fit and healthy, or meeting the needs of the increasing number of adult children who are living at home4.
The news comes at a time when house prices are predicted to slump by double-digits by the end of next year.
The extent of Britain’s wasted garage space is evident in that half (51%) of households with a garage rarely or never use it to park their car, instead using it to store tools, unused furniture and other items, while only 16% have converted their garage into liveable space. This is despite two in five (41%) people dreaming of a garage makeover1.
A basic garage conversion can cost as little as £6,000 for a single garage, while a full conversion is estimated to cost between £10,000 and £20,000.
The research reveals the majority of homeowners who have converted their garage do so to increase living space (67%), with utility rooms and offices being the most popular options. While 24% prefer to transform their space into rooms for leisure, opting for bars, home cinemas and gyms.