House prices risen 0.3% in London but plunged 7.2% in North East in last year
Homeowners in capital making £300 per month renting out driveways
By Rob Cooper
Last updated at 12:40 PM on 8th December 2011
A parking space in Central London can now be worth more than a house in other parts of the country, a study has found.
A vehicle bay in Kensington and Chelsea was valued at £95,800, around £13,500 more than the average price of a home in Middlesbrough.
Spaces cost roughly the same as a property in Manchester where the average price is £96,353.
A house with room to park: The average house price in Middlesbrough is £82,300 – less than a London parking space
The report, based on interviews with 250 surveyors across the UK, said the findings highlighted the widening price gap between London and the rest of the country.
Prices in the capital have risen by 0.3 per cent in the past year compared with falls in other regions, including a dip of 7.2 per cent in the North East, the report by mortgage provider ING Direct found.
The study also suggested that having a garden, falling in the catchment area of a good school, or being close to a railway station, can add between 5 per cent and 14 per cent to the value of a house.
Julian Hartley, mortgage director at ING Direct, said: ‘For most Britons, a parking space is a must for their ideal home, which is why so many of us are willing to pay for the privilege.
‘In Central London locations, where you’ll find some of the most expensive properties in the world, a parking space will bring with it a hefty price tag.’
Homeowners in London often rent out their driveways to commuters hoping to avoid exorbitant car parking judges.[
People in central locations or near to popular arenas can net up to £300 per month, the mortgage providers report found.
Off-road parking spaces near stadiums, airports and train stations are in
Nationwide v Halifax house price indices: How prices have risen over 20 years
Josh Dhaliwal, 38, lets out two spaces by his flat near Chelsea FC’s Stamford Bridge stadium in West London.
He earns more than £3,000 per year by charging a flat fee of £15 per day for each space.
Homeowners are advertising their spare spaces in newsagent windows, newspapers and websites such as parkatmyhouse.co.uk.perties in the world, a parking space will bring with it a hefty price tag.’