A prime parking spot in London has recently come to market for an eye-watering £150,000. Located in a secure underground car park beneath a gated residential tower in Fulham overlooking the Thames, the space measures about five by two metres with an electric vehicle charger installed. It is offered on a leasehold with 963 years remaining, presenting a unique opportunity for car owners to bypass the constant struggle of city parking.
The purchase cost represents a steep premium, but ongoing costs include a £271 service charge every six months plus £10 ground rent. This is just the latest example of London’s skyrocketing parking prices driven by scarce supply, planning restrictions, and high demand.
Jefferies London reports Islington as the priciest borough for buying parking spaces, with median prices reaching £760,000 recently a remarkable 41% rise year-on-year. Tower Hamlets follows with spots averaging £600,000, a staggering 146% increase. Other hotspots like Merton, Redbridge, and Waltham Forest have also seen multi-hundred-thousand-pound sales, though some boroughs experience declining prices.
Central London locations remain pricey too, with Westminster’s average reaching £110,000 and Kensington and Chelsea hovering between £80,000 and £165,000. Comparatively, areas outside the capital offer lower, but still significant, values.
This surge in prices underlines how valuable parking spaces have become in London’s costly real estate landscape. With car ownership holding firm despite public transit, the fight for parking is fueling a new kind of property market bubble one where concrete rectangles command more than some homes.
Other expensive sales include a double garage in Clapham recently listed for £150,000, mirroring the Fulham spot’s price, and premium off-street spaces in affluent Sydney neighborhoods fetching prices up to AUD $500,000.
London’s most expensive parking spaces are not only investments in convenience but status symbols in an increasingly congested metropolis, reshaping the urban property market in surprising ways.
