This year, many of us have noticed a significant increase in the cost of garages in our local areas. This sudden surge in garage prices has left people wondering about the underlying factors that have contributed to this trend. In this article, we will explore the reasons behind the expensive garage prices and shed light on the dynamics of the real estate market and other relevant factors shaping this phenomenon.
Inflation
A significant contributing factor to the expensive garage prices in 2023 is the current high inflation rate. The global economy has experienced a surge in inflation, with prices of fuel, goods and services rising at levels not seen since 1991. Inflation affects various sectors, including real estate, and has a direct impact on the cost of construction materials, labour, and maintenance, including car parts, oils and petrol of course. As a result, developers and property owners face increased expenses when constructing, maintaining and running garages, leading to higher prices for car owners.
Limited Supply and High Demand
Another reason for the soaring garage prices this year is the limited supply of available spaces. Rapid urbanisation, population growth, and the increasing number of vehicles have created a scarcity of suitable land for constructing garages. As cities expand and space becomes a premium, the demand for garages has outpaced the supply, leading to higher prices.
Rising Real Estate Costs
The overall surge in real estate prices has had a direct impact on garage costs. In many areas, land prices have skyrocketed, making it increasingly expensive for developers to acquire land for garage construction. As a result, these elevated acquisition costs are passed on to consumers, thereby driving up the prices of garages.
Changing Lifestyle and Vehicle Ownership Patterns
The way people live and own vehicles has been evolving in recent years, further contributing to the increase in garage prices. With the rise of remote work and the growing preference for urban living, more people are moving to densely populated areas with limited garage options. As a result, individuals are willing to pay a premium for convenient local garage work to be done to their vehicles rather than travelling to a dealer, and this increase in demand pushes the prices up further.
Infrastructure Development and Urban Planning
Infrastructure development projects, such as the construction of out of town shopping complexes, office buildings, or residential buildings, often come with a requirement for parking spaces. This creates a higher demand for land in areas undergoing urban development. As the need for garage services increases, developers capitalise on this opportunity by charging higher prices for garages to be constructed, and the costs are passed to the customers over time.
Technological Advancements in Garage Design
In recent years, the concept of garages has evolved significantly with the introduction of advanced features and technologies, not least including connected MOT equipment. Modern garages often include automated systems, security features, and smarter tools such as ADAS calibration equipment, enhancing convenience and safety for vehicle owners, as well as catering for the changing landscape of electric vehicles (EVs) and semi-autonomous driving features. However, these technological advancements come at a cost, and the expenses associated with designing, implementing, and maintaining such high-tech garage equipment contribute to the overall increase in prices.
How to find a new garage near you (and possibly save money!)
The expensive garage prices observed in 2023 are influenced by a combination of factors, including limited supply, high demand, rising real estate costs, changing lifestyle patterns, infrastructure development, and technological advancements. It is likely that the demand for garages will persist and potentially even grow. While the increased prices may pose challenges for some, they are a reflection of the evolving needs and preferences of the modern society, but don’t fret! There is something you can do – check out all thegarages in your area and find the best, and potentially a cheaper garage than you had been using.
To get started you can use the Garage Near Me website. Simply do the following:
- Go to the home page https://garage-near-me.uk/
- Enter your postcode or town
- Select the garage services you need from the dropdown, or leave set to “All”
- Click Search to get a map and list of garages in your local area
