London Parking charges: It is the most compact and busiest metropolitan city in the world. Indeed right to claim its the most expensive when it comes to real estate. Not everyone can dream about buying a home in London. The more you get close to London the more rates will escalate. The far you go rates will be sliced down to normal. But there is something you would be surprised to know that either you buy a home anywhere outside London you have to pay around $250,000 which is almost as equal to buying a parking spot in London. Yes, the cost of the home everywhere in the UK beside London is as much as the starting price of a home in London. Let’s have a close look:
Drivers in the capital pay an average of £219,000 for a spot to park their car, new research reveals. This is almost enough to buy a home in the rest of the UK, where the average house price is £230,776.
A standard parking space measures 7.9ft by 16ft, putting the average cost of buying parking in London at £1,731.60 per sq ft – on a par with homes in Kensington & Chelsea. In Lambeth, Islington, and Camden, parking spaces sell for over £500,000. The average London home costs £473,822.
Wandsworth and Westminster also have a parking premium of over £400,000, while the cost of parking topped £100,000 in half of all boroughs, the figures from letting agent Benham and Reeves showed.
The cheapest borough to buy a parking space was Enfield, where the average price was £7,200. Redbridge (£10,417); Lewisham (£15,466); Brent (£20,500); and Hillingdon (£23,245) were the only other boroughs where a parking space cost less than £25,000.
“If you’re buying a flat which is £8 million the idea of spending three percent of that — which equates to about £250,000 — on secure parking for your expensive car in an area like Mayfair where there is very limited parking doesn’t actually seem exorbitant,” said Charles Cridland, technical director of parking space rental website Your Parking Space.
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