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Parking mad: average cost of a London car-parking space hits £219,000 | Homes and Property

Drivers in the capital pay an average of £219,000 for a spot to park their car, new research reveals. This is almost enough to buy a home in the rest of the UK, where the average house price is £230,776.

A standard parking space measures 7.9ft by 16ft, putting the average cost of buying parking in London at £1,731.60 per sq ft – on a par with homes in Kensington & Chelsea.

In Lambeth, Islington and Camden, parking spaces sell for over £500,000. The average London home costs £473,822.

Wandsworth and Westminster also have a parking premium of over £400,000, while the cost of parking topped £100,000 in half of all boroughs, the figures from letting agent Benham and Reeves showed.

The research used Land Registry data to find the sold price of all stand-alone parking spaces bought in London last year.

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Parking mad: average cost of a London car-parking space hits £219,000 | Homes and Property.