UK

London Parking Space On Sale For £300,000, Nearly Twice Average UK Home Price

09/08/2013 10:07 BST | Updated 09/08/2013 10:42 BST
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A parking space has gone on sale in central London for a record-breaking £300,000 - nearly twice the price of an average UK home.

The 11ft by 21ft parking space, in the exclusive 'millionaires' enclave' of Hyde Park Gardens, is more expensive than a Rolls Royce and comes with a 91-year lease.

According to recent estimates, the average cost of a UK home is £169,624.

Edo Mapelli Mozzi, of high-end property consultants Banda Property, told the Huffington Post UK: "It's a lot of money for a car parking space but the value would certainly be great for developers.

"There are a number of new developments opposite it and they're being done by high-end business developers who need the space, so it's almost like an auction for them and so there's a large value for that unit."

Matthew Abernethy, from estate agency Kay and Co, said he sold two parking spaces last year for £250,000 each.

“Parking in this part of prime central London is scarce and there are not enough spaces for all the residents,” he said.