A 14-square metre parking space in south-west London is on sale for a whopping £250,000.
The massive price tag is far more than the average house price in many cities across the country.
The “secure parking space” is advertised by Nicolas Van Patrick on Rightmove, where it has been on sale since June 2022.
It is located in the middle of Knightsbridge, one of the poshest parts of the capital and which regularly tops lists as the most expensive street in London.
The parking space, which sits under a “prime Knightsbridge development”, comes in a 5.6 metres long, and 2.5 metres wide, or a typical parking space size.
Features advertised include a 984-year-long lease, gated access to the parking space, and 24-hour security.
However, the price tag means it could be more expensive to park your car in London than to buy the average home in major UK cities.
Compared to the £250,000 for a parking space in London, £226,523 is the average property price in Birmingham.
The average property price in Manchester is £226,844 while Leeds sits at £237,818.
Knightsbridge remains an outlier in the property market, with the average property price in this neighbourhood at £4,328,333.
The neighborhood, which is sandwiched between Kensington, Belgravia and Mayfair, is home to fashion stores, the world-renowned department store, Harrods, and banks that cater to wealthy individuals.
Earlier this year, Halifax mortgages director Kim Kinnaird revealed that the top most expensive streets in the UK are all found in London.
Meanwhile, experts suggest that the clampdown on cars in London is targeting parking spaces.
Earlier this year Lambeth Council announced plans to slash 25 per cent of its kerbside parking – an area the size of 194 football pitches – to help meet its climate targets.
Marc von Grundherr, director of Benham and Reeves, said: “There’s a huge premium on parking, and it’s getting worse and worse, even though more people are using public transport. There’s a massive shortage of supply.”
Mr Von Grundherr said that some parking spaces have gone up by almost 50 per cent in value in the last five years – a figure he expects to sky-rocket in the coming years.
