London’s most expensive boroughs to buy a parking space revealed

Ever puzzled the place the costliest place to park in London is? Effectively, in accordance with property dealer Jefferies London, that accolade goes to Islington, the place homebuyers paid a mean of £760,000 for a parking house during the last 12 months.

In response to the information, this determine represents a 41 per cent improve on the earlier 12 months. It’s additionally 5 instances larger than the common throughout the capital, at £130,000 for a 12 months’s parking.

Jefferies London’s analysis analysed Land Registry Value Paid knowledge for the gross sales of designated parking areas throughout the capital between June 2024 and Could 2025. Some boroughs didn’t document any gross sales.

Parking areas have lengthy been sizzling property in London, because the variety of obtainable areas has steadily diminished. One parking house made headlines in 2021 after it was listed for £750,000, whereas one other, barely giant sufficient to really match a automotive, was marketed for £85,000 the next 12 months. And yearly, householders in Wimbledon money in on their parking areas throughout the tennis.

Throughout London, the worth of a parking house has gone up by 70 per cent over the previous 12 months, from £76,250 to £130,000.

After Islington, Tower Hamlets commanded the best costs for parking during the last 12 months, with consumers paying a mean of £600,000 a 12 months — an enormous 146 per cent improve on the earlier 12 months.

In Merton, consumers 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 common house costing £80,000 in Kensington and Chelsea, up 5 per cent.

In some boroughs, nonetheless, costs are taking place. Ealing noticed a 99 per cent worth discount, with the common house between June 2023 and Could 2024 costing £440,000, in comparison with £5,000 during the last 12 months.

In Southwark, costs had been additionally down by 91 per cent, from £267,000 to £25,000. And in Richmond upon Thames, they diminished from £297,500 to £45,000.

However with solely a handful of designated parking areas offered in a few of these boroughs, this may increasingly have an effect on the information.

“The price of buying a personal parking spot within the capital stays fairly stunning, significantly in prime boroughs resembling Islington, the place the common worth of a parking house 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 growing attraction of personal, off-street parking.

“With automotive possession in prime London remaining sturdy regardless of town’s public transport infrastructure, competitors for safe parking areas reveals no signal of slowing.”