Parking spaces in London can cost more than an actual house

8 December 2011

parking spaceCrivens! A parking space in Central London can now be worth considerably more than a house in other parts of the country according to a study. If you bagged a vehicle bay in Kensington and Chelsea, it could well set you back £95,800 which is £13K more than the average price of a whole house in Middlesbrough.

That's also, roughly speaking, the price of a house in Manchester.

In fairness, such is the terrible log-jam of traffic in London, the commute from Boro would probably be as long. Possibly.

Julian Hartley, mortgage director at ING Direct, said: ‘For most Britons, a parking space is a must for their ideal home, which is why so many of us are willing to pay for the privilege.

‘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.’

It's this price tag that sees homeowners in London renting out their driveways to commuters with some earning up to £300 per month, which is handy, especially if you live near a football ground or train station. If you're mad enough to live in the capital, then you can advertise your parking spot via sites like Or, y'know, live somewhere nicer.

TOPICS:   Investments   UK News   Home   High Street News   Motoring   Mortgages


  • Late
    I live near Middlesbrough and I can easily see how a parking space in London might cost more than a house in Boro...
  • klingelton
    I used to live in that london. It was reconed that the parking space out the front of our flat was worth 15k. This doesn't surprise me at all.
  • blagga
    A parking space in the Boro? That's known as a "pre-theft departure lounge" locally.
  • zeddy
    There are generally 2 v's in crivvens although soft southern poofs can be forgiven.... nothing.
  • Dacouch
    I know of a large highly exclusive block of serviced flats where a space in the underground car park is £150k per year
  • DragonChris
  • Pedro
    When I first moved down to London I was searching the small ads and found one where someone wanted a car park space in NW1 and was willing to swap a 2 bedroom flat in Hull for it.
  • klingelton
    given the choice, i'd live in a parking bay in streatham rather than a 2 bed flat in hull!

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