What is the world coming to when parking spaces in one area are worth more than whole houses in another area in the same country?
According to a survey conducted by ING Direct, London parking spaces are worth more money than actual houses in other parts of Great Britain.
The survey revealed that to buy a parking space in the likes of Chelsea and Kensington will costs an average of £95,800, whilst house prices in Middlesbrough, for example, average at £82,500, more than £13,500 more than a parking lot in London’s most sought-after locations.
While house prices have been falling in most areas of the UK, in the capital the property market has remained stable, with house prices even rising in the plusher areas such as Kensington and Chelsea and knowing how difficult, expensive and time-consuming parking can be in London, owning a London car parking space is highly desirable, hence the weighty cost of owning such a privilege. As Julian Hartley of ING Direct said:
“In central London locations, where you’ll find some of the most expensive properties in the world, a parking space will bring with it a hefty price-tag.”
There have been numerous reports in recent years about the rich and famous unashamedly parking their sports cars illegally on London’s streets and landing hefty parking fines for their ‘arrogance’.
Paying under £100,000 to own a parking space in London has to be a favourable alternative to receiving a parking fine that is likely to be splashed across the tabloid press if you’re a famous pop star or singer and in this sense, London parking spaces are bound to be snaffled up, despite costing more than a house.