United Kingdom Property News

House Prices: Central London Parking Space Costs More Than A House

House Prices: Central London Parking Space Costs More Than A House
A parking space in central London is now worth more than a house in some parts of the country, according to new research.

A study by mortgage provider ING Direct found that a parking space in a property in Kensington and Chelsea was estimated to be worth £95,800, around £13,500 more than the average price of a house in Middlesbrough.

The report, based on interviews with 250 surveyors across the UK, said the findings highlighted the "dramatic" house price gap between London and the rest of the country, which was continuing to widen.

Prices in the capital have risen by 0.3% in the past year compared with falls in other regions, including a dip of 7.2% in the North East, said the report.

The study also suggested that having a garden, falling in the catchment area of a good school, or being close to a railway station, can add between 5% and 14% to the value of a house.

Julian Hartley, mortgage director at ING Direct, said: "For most Britons, a parking space is a must for their ideal home, which is why so many of us are willing to pay for the privilege.
"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."