In prime central London, a spot to park your motor could set you back as much as the cost of a cheap home in an outer borough, according to data from EG’s London Residential Research.
The most expensive parking spot that London Residential Research has tracked is at Almacantar’s Centre Point, WC1, where a parking space will cost £200,000. For comparison, flats at the scheme are priced at £1.8m to £55m.
Many schemes in the central boroughs are car-free and in the outer boroughs, lower residential prices obviate the construction of costly underground car parks.
But the higher prices commanded by luxury schemes make car parking schemes much more viable.
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