Your own parking space in London? A steal at £300,000

Estate agents are offering a parking space for twice the price of an average UK home

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The Independent Online

A parking space in London is up for sale, but the lucky bidder will be paying a record breaking £300,000 for it.

And after shelling out the asking price, the buyers won't even own it outright, is at comes with a 91-year leasehold.

Located in the exclusive Hyde-Park Gardens neighbourhood, the space is nearly twice the price of the average UK home.

The open-air spot is just enough to squeeze in a hatchback and is £500 more than a nearby studio flat sold for last week. The parking space costs more than a brand new Rolls-Royce.

Matthew Abernethy, of estate agency Kay and Co, sold two parking spaces last year for £250,000 each and said there was already a number of people interested in the latest bay. He said: “Parking in this part of prime central London is scarce and there are not enough spaces for all the residents.”

He said the people interested in bidding on the space were people who are looking for "convenience".

On a brighter note, £300,000 for 91 days works out at £9 a day, which could make the owner a profit if they chose to sub let it.