Capital’s car parking sold prices hit £219k, 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|
|CITY OF WESTMINSTER||£415,245|
|KENSINGTON AND CHELSEA||£348,875|
|KINGSTON UPON THAMES||£295,000|
|HAMMERSMITH AND FULHAM||£41,667|
|CITY OF LONDON||£40,000|
|RICHMOND UPON THAMES||£35,000|
|*Boroughs with no data were excluded|
|UK Areas Cheaper than London Car Parking|
|District||Average House Price|
|Blackburn with Darwen||£108,379|
|Rhondda Cynon Taf||£110,353|
|City of Kingston upon Hull||£112,504|
|Neath Port Talbot||£113,490|
|Redcar and Cleveland||£114,977|
|Na h-Eileanan Siar||£116,979|
|North East Lincolnshire||£121,701|
|Dumfries and Galloway||£123,603|
|City of Dundee||£125,146|
|City of Glasgow||£129,874|
|City of Nottingham||£146,150|
|Argyll and Bute||£148,090|
|City of Aberdeen||£152,799|
|City of Derby||£158,998|
|Newcastle upon Tyne||£161,863|
|Telford and Wrekin||£164,614|
|City of Plymouth||£175,339|
|Isle of Anglesey||£178,769|
|East Riding of Yorkshire||£179,748|
|Nuneaton and Bedworth||£181,987|
|Perth and Kinross||£187,836|
|Newark and Sherwood||£188,711|
|City of Peterborough||£192,594|
|North East Derbyshire||£197,256|
|Cheshire West and Chester||£199,660|
|North West Leicestershire||£204,533|
|King’s Lynn and West Norfolk||£215,329|
|London Car Parking||£218,871|