Skip to content

Powered By

Capital’s Car Parking Sold Prices hit £219k:

Capital’s Car Parking Sold Prices hit £219,000 – The worst revealed and where you can get a foot on the ladder for the price of a London parking space:

The latest research from leading London sales and letting agent, Benham and Reeves, has revealed the high price of parking in the capital for those forced to fork out for a spot for their car.

Benham and Reeves analysed Land Registry records for property transactions in the capital over the last year and found that on average, a car parking space will set you back a whopping £218,871.

Comparing this with current average house price data, there are 176 locations across the UK from Northampton to Southampton, Cheshire to Aberdeenshire and more, that offer a foot on the home-owning ladder for less than it will cost you to purchase London parking space. (full table below).

The worst boroughs for London homeowners looking to pay out for a parking spot are Lambeth, Islington and Camden, where the average price of a parking space is over £500,000!

Wandsworth and Westminster are also home to a parking premium of over £400,000, with a further 11 boroughs seeing the average price exceed £100,000.

With the introduction of the Ultra-Low Emissions Zone and its further extension to the North and South circulars by 2021, owning a car in the capital is set to become even more expensive.

Benham and Reeves has also seen the problem intensify as a result of local authorities refusing to grant permits to residents that buy in new build schemes. This means if they are unable to park in the development itself, they are also restricted from parking on the streets outside.

In some central London schemes, you only have the opportunity to buy a parking space with your property purchase and should you fail to do so, resale values from those that did can command 25-30% more than they might have otherwise – that’s if you can find someone willing to sell you their space.

Director of Benham and Reeves, Marc von Grundherr, commented:

“If you think the London property can command some scandalous prices, parking spaces really can take the biscuit. As this data shows, it’s far from unheard of for people to spend millions on a car parking space which sounds insane, but if you buy a £20m house and have three Ferraris, you need somewhere to park them, and most are happy to pay way over the odds for this convenience.

However, this doesn’t just impact the capital’s very top end homeowners, it’s a problem across the board. If you move your growing family into a new three-bed with parking restrictions on the streets and no space to park in the development what are you supposed to do?

A growing population inevitably brings more cars and underground carparks, in particular, are extremely expensive to build if you can obtain planning permission in the first place. We know of one development with 300 units, no resident permits and only 20 parking spaces which is so restrictive even the developers are unable to park on site.

As renting becomes an almost forced way of life across the capital this growing demand is bringing more and more tenants and a large majority want somewhere to park their car.

Our top tip for anyone investing in the London property market is to always buy parking if it’s available, even if you’re only buying a one bed or studio property. It will seriously add to the value.”

Average Cost by Borough
Borough
Parking Space Sold Price
LAMBETH
£510,286
ISLINGTON
£506,888
CAMDEN
£505,833
WANDSWORTH
£451,385
CITY OF WESTMINSTER
£415,245
KENSINGTON AND CHELSEA
£348,875
HACKNEY
£303,333
KINGSTON UPON THAMES
£295,000
SUTTON
£245,000
BEXLEY
£229,475
HARROW
£225,000
TOWER HAMLETS
£221,931
HOUNSLOW
£216,000
GREENWICH
£171,000
EALING
£162,667
MERTON
£101,583
BARNET
£73,000
SOUTHWARK
£72,852
HAMMERSMITH AND FULHAM
£41,667
CITY OF LONDON
£40,000
CROYDON
£40,000
RICHMOND UPON THAMES
£35,000
BROMLEY
£29,625
NEWHAM
£25,000
HILLINGDON
£23,245
BRENT
£20,500
LEWISHAM
£15,466
REDBRIDGE
£10,417
ENFIELD
£7,200
LONDON
£218,871
*Boroughs with no data were excluded

 

UK Areas Cheaper than London Car Parking
District
Average House Price
Burnley
£83,981
Blaenau Gwent
£91,904
Hyndburn
£94,003
East Ayrshire
£97,586
Inverclyde
£99,506
Pendle
£103,208
County Durham
£103,473
North Ayrshire
£105,755
Blackpool
£105,761
Merthyr Tydfil
£106,228
North Lanarkshire
£106,543
West Dunbartonshire
£107,713
Blackburn with Darwen
£108,379
Rhondda Cynon Taf
£110,353
Stoke-on-Trent
£111,971
City of Kingston upon Hull
£112,504
Neath Port Talbot
£113,490
Middlesbrough
£113,534
Sunderland
£114,146
Redcar and Cleveland
£114,977
Barrow-in-Furness
£115,481
Hartlepool
£115,696
Na h-Eileanan Siar
£116,979
Renfrewshire
£120,754
North East Lincolnshire
£121,701
Copeland
£122,684
Falkirk
£123,176
Dumfries and Galloway
£123,603
Bolsover
£123,733
City of Dundee
£125,146
Barnsley
£125,604
Clackmannanshire
£126,000
Doncaster
£127,728
South Lanarkshire
£129,340
Preston
£129,539
Knowsley
£129,841
City of Glasgow
£129,874
Darlington
£129,985
St Helens
£130,193
Gateshead
£132,418
Oldham
£132,628
Mansfield
£133,787
Fife
£134,463
Wigan
£134,801
South Tyneside
£135,556
Rotherham
£136,127
South Ayrshire
£136,151
Rochdale
£136,859
Liverpool
£137,163
Stockton-on-Tees
£137,320
Bolton
£137,439
Caerphilly
£137,993
Carlisle
£138,323
Halton
£139,700
Bradford
£139,790
Shetland Islands
£139,796
Ashfield
£142,721
Calderdale
£143,532
Angus
£145,388
City of Nottingham
£146,150
Moray
£146,467
Carmarthenshire
£146,491
Rossendale
£146,614
North Lincolnshire
£146,711
Tameside
£147,159
Torfaen
£147,172
Swansea
£147,992
Argyll and Bute
£148,090
Denbighshire
£150,017
Boston
£150,962
Sandwell
£151,192
Wakefield
£151,450
Wyre
£151,589
Wolverhampton
£151,791
Bridgend
£152,146
Orkney Islands
£152,167
Kirklees
£152,209
Lancaster
£152,746
City of Aberdeen
£152,799
Northumberland
£152,819
Lincoln
£152,924
Scottish Borders
£153,199
Allerdale
£153,803
Newcastle-under-Lyme
£155,267
Bassetlaw
£155,916
Gwynedd
£158,260
City of Derby
£158,998
Chesterfield
£159,149
Conwy
£159,589
Wrexham
£160,581
Salford
£160,604
West Lothian
£161,682
Newcastle upon Tyne
£161,863
Highland
£162,199
Wirral
£162,417
West Lindsey
£164,333
Erewash
£164,437
Telford and Wrekin
£164,614
North Tyneside
£164,853
Walsall
£166,166
Sheffield
£168,128
Scarborough
£168,222
Sefton
£168,737
Cannock Chase
£169,930
Flintshire
£170,324
Great Yarmouth
£171,510
East Lindsey
£172,111
Amber Valley
£173,820
Pembrokeshire
£174,443
South Ribble
£174,527
Leicester
£175,250
City of Plymouth
£175,339
Dudley
£176,236
Staffordshire Moorlands
£176,896
Bury
£177,380
Broxtowe
£178,101
Isle of Anglesey
£178,769
East Riding of Yorkshire
£179,748
Manchester
£180,457
Nuneaton and Bedworth
£181,987
Newport
£182,505
Chorley
£183,586
Leeds
£183,902
West Lancashire
£184,530
Tamworth
£184,762
Gedling
£185,896
East Staffordshire
£186,041
Corby
£186,631
Fenland
£186,804
Powys
£187,029
Coventry
£187,425
Stirling
£187,620
Birmingham
£187,685
Aberdeenshire
£187,782
Perth and Kinross
£187,836
Newark and Sherwood
£188,711
Midlothian
£190,031
Waveney
£190,454
City of Peterborough
£192,594
Wyre Forest
£194,479
South Holland
£194,563
High Peak
£196,342
South Derbyshire
£196,467
Torbay
£196,699
Ipswich
£196,790
North East Derbyshire
£197,256
Fylde
£197,947
Ceredigion
£198,286
Selby
£198,474
Cheshire West and Chester
£199,660
Eden
£199,812
Richmondshire
£201,247
Warrington
£201,446
Gloucester
£201,911
North West Leicestershire
£204,533
Norwich
£205,051
Cardiff
£205,443
Kettering
£205,892
Redditch
£206,708
North Warwickshire
£207,386
Stafford
£208,306
Worcester
£209,020
East Dunbartonshire
£209,182
North Kesteven
£209,603
Hastings
£209,921
South Kesteven
£211,226
Southampton
£212,399
Gosport
£212,808
Wellingborough
£213,799
Northampton
£213,941
Shropshire
£213,999
King’s Lynn and West Norfolk
£215,329
Craven
£215,659
Portsmouth
£215,702
Swindon
£216,684
Ribble Valley
£218,435
London Car Parking
£218,871

 

Properganda PR

Properganda PR

National and local media coverage for property businesses. Journo quotes delivered in minutes.

You May Also Enjoy