Where Does a Parking Spot Cost More than the Average House?

Would you spend £350k on this parking spot?

As house prices in the UK continue to increase, a survey has revealed a corresponding rise in the demand – and cost - of parking spaces. And while the locations may not surprise you, the amounts involved will.

Top of the leader board is London. There, a space has gone on the market for £350,000. This figure is almost double that of the average UK house home, which is estimated by the Land Registry to be around £192k. The private parking space can accommodate one car, and is located behind the prestigious Hyde Park Gardens, one of the premier addresses in Westminster. A space previously sold in the capital for £400,000 but was in a secure, underground car park and was big enough for two vehicles.

For £350,000, buyers couldsecure a four-bed detached home in Newcastle, a three-bed semi-detached house in Glasgow or a two-bed flat in London.

According to the agent details the space is ideally located for the transport links of the M1 and London Underground stations, as well as the new Crossrail service. This open air space measures approximately 19.5ft x 8ft and is held on a private lease with approximately 88 years remaining.

In 2014, a space big enough for two vehicles was sold for £400,000 at an underground car park next to the Royal Albert Hall in Kensington and in the same year, eight parking spaces in Mayfair were advertised for £2.25million.

Meanwhile in Scotland you can get more for your money. There, a double parking space is up for sale for offers over £85,000 – what a steal!

And it not just a UK phenomenon. A parking space in central Manhattan, New York, recently sold for £600k and a space in Sydney, Australia sold last year for £220k.

By Tracey McBain