London Parking Spaces Worth More than Northern Houses

LONDON parking spaces are worth more than whole houses in other parts of the UK, a survey by mortgage company ING Direct has found.

In Kensington and Chelsea, your average parking spot comes in at nearly £95,800, £13,500 more than the average £82,500 price of a house in Middlesbrough.

“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,” said Julian Hartley of ING Direct.

Many other parts of the north of England, Scotland and Wales are in the same boat as Middlesbrough, with house prices falling by up to ten per cent in the last year or so, compared to prices keeping stable in London as a whole and rising in plush areas like Kensington and Chelsea.

ING Direct worked out the parking space price by simply taking ten per cent off the £958,000 price of the average Kensington and Chelsea residence, as off-road parking is reckoned to add ten per cent to a property’s value.