HOMEOWNERS may face a significant drop in the value of their properties if they are charged to park outside their houses, an estate agent has warned.

Thousands of families are expected to be affected if a council proposal to impose a permanent fee to combat expected congestion in Wanstead during the Olympics is approved.

The plan, which is subject to public consultation, would see residents pay £55.75 for one car, £133.75 for two and £233.75 for three vehicles parked on the street.

And Ray Phipps, of Douglas Allen Estate Agents in High Street, Wanstead, warned that the restrictions could see a “worst case scenario” of a huge drop in house prices due to a knock-on effect from lost business in High Street.

Mr Phipps, 57, is a resident of Grosvenor Road, Wanstead, where residents are aiming to kickstart a campaign against the charges.

He said: “You can’t be certain how much it would affect the price of houses.”

“In a worse case scenario it could drop as low as Leystonstone prices.”

Leystonstone High Street has pay and display parking only and the surrounding residential roads require residents to pay for parking permits.

These regulations could be proposed for Wanstead in an area committee meeting on May 16.

Mr Phipps believes potential shoppers would be put off by the price and inconvenience of parking.

He said this could in turn impact on local shops’ trade and cause a downturn in the housing market as Wanstead loses a unique ‘village’ appeal.

Michael Powis, 70, also of Grosvenor Road, said: “The charges are disingenuous and wrong. It’s just another money raising exercise, a backdoor tax.”

“This amounts to a tax on having visitors – many residents are on limited incomes or pensions.

“Also, you can only buy five books a year which is only 50 visits. Members of family won’t visit during the week because they don’t want to be charged.”

“The Olympics represents a great business opportunity for Wanstead but the council are shutting potential shoppers out - we should be welcoming them in.”

A council spokeswoman said: “Although the Games only last six weeks the stadia will remain and the problems and parking pressures are likely to continue beyond the Olympics period.

“Current parking controls are inadequate to deal with this problem so if Permit Parking is introduced following consultation, then the schemes would be permanent.”