Owning a parking lot in front of your house or flat might sound like something very normal. Not if you live in London, a very expensive place to own a car and to park it in front of your house. Especially if you live in the city center or in an expensive neigbourhood. Recently, a renting site in UK, announced that the most expensive parking lot in Londons is selling for £350,000.
The private parking space has room for just one car, and is located behind the prestigious Hyde Park Gardens, one of the premier addresses in Westminster. The cost of the parking space is more than one and a half times higher than the average house price in the UK.
The space is ideally located for the transport links of the M1 and London Underground stations, as well as the new Crossrail service. This open air space measures approximately 19.5ft x 8ft and is held on a private lease with approximately 88 years remaining.
UK remains an exageration when it comes to parking lot prices even when we go outside London. For example, north of the border in Scotland, a double garage is for sale in the New Town conservation area of Edinburgh for offers over £85,000. For those looking for parking in and around Manchester Airport there are currently 45 executive individual parking spaces available to purchase for £35,000 each.
It’s not just UK parking spaces that are being sold for sky high prices. A parking space in central Manhattan was recently sold for $1million and a space in Hong Kong was listed a few years ago for $640,000.