Ever puzzled the place the costliest place to park in London is? Properly, based on property dealer Jefferies London, that accolade goes to Islington, the place homebuyers paid a mean of £760,000 for a parking area during the last yr.
In keeping with the info, this determine represents a 41 per cent improve on the earlier yr. It’s additionally 5 instances larger than the typical throughout the capital, at £130,000 for a yr’s parking.
Jefferies London’s analysis analysed Land Registry Worth Paid information for the gross sales of designated parking areas throughout the capital between June 2024 and Could 2025. Some boroughs didn’t report any gross sales.
Parking areas have lengthy been scorching property in London, because the variety of accessible areas has steadily decreased. One parking area made headlines in 2021 after it was listed for £750,000, whereas one other, barely massive sufficient to truly match a automotive, was marketed for £85,000 the next yr. And yearly, owners in Wimbledon cash in on their parking spaces during the tennis.
Throughout London, the worth of a parking area has gone up by 70 per cent over the previous yr, from £76,250 to £130,000.
After Islington, Tower Hamlets commanded the very best costs for parking during the last yr, with patrons paying a mean of £600,000 a yr — an enormous 146 per cent improve on the earlier yr.
In Merton, patrons paid a mean of £420,000, adopted by £293,000 in Redbridge and £280,000 in Waltham Forest. Within the latter two boroughs, costs have gone down by 21 per cent and 24 per cent respectively.
In Westminster, in the meantime, costs rose by 23 per cent as much as a mean of £110,000, with the typical area costing £80,000 in Kensington and Chelsea, up 5 per cent.
In some boroughs, nevertheless, costs are happening. Ealing noticed a 99 per cent value discount, with the typical area between June 2023 and Could 2024 costing £440,000, in comparison with £5,000 during the last yr.
In Southwark, costs have been additionally down by 91 per cent, from £267,000 to £25,000. And in Richmond upon Thames, they decreased from £297,500 to £45,000.
However with solely a handful of designated parking areas bought in a few of these boroughs, this will likely have an effect on the info.
“The price of buying a non-public parking spot within the capital stays somewhat surprising, significantly in prime boroughs comparable to Islington, the place the typical value of a parking area has sat at £760,000 during the last 12 months,” says Damien Jefferies, founding father of Jefferies London.
“This dramatic rise is being pushed by a mix of restricted provide, planning restrictions, and the rising attraction of personal, off-street parking.
“With automotive possession in prime London remaining robust regardless of the town’s public transport infrastructure, competitors for safe parking areas exhibits no signal of slowing.”
