Buying A Parking Space in Prime London
Parking spaces in London are serious business and can be bought and sold for serious money.
In Prime Central London, parking is incredibly difficult to come by…
If you have ever driven into Central London and have had to look for parking for the day, you will know how stressful this can be!
This is why The Royal Borough of Kensington & Chelsea (RBKC) is so popular with buyers…
The RBKC is rare in that unlike with other boroughs in London, The RBKC allows anyone who holds a Resident's parking permit to park anywhere within the borough!
When the opportunity comes up for a resident to buy a private parking space in a prime location comes up, it can get snapped up quickly due to the rarity of private spaces in these areas.
Land Registry data shows that the average cost of buying a private parking space in London is around £1,730 sq ft, which puts it in the same price bracket as some flats in Prime London!
To some people this is crazy…
“In Prime Central London, parking is incredibly difficult to come by.”
However, let’s think about this logically…
If a client of mine was purchasing a flat for £10,000,000+, paying what is often considered to be a premium for a parking space in my opinion is actually a sensible and, relatively speaking, a cheap addition to buying a prime flat or house.
As an example, in the London Borough Westminster, where some of the most expensive properties in the world are sold, there have been parking spaces that have been bought for circa the £300,000 mark.
Would you be willing to spend an extra 3% for a parking space in one of the most exclusive areas in the world?
What price would you be willing to spend for a parking space in Prime Central London or further afield?