London Parking Spot Sells for £400,000

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Marginally cheaper than the average London property price.

At nearly two-and-a-half times the cost of an average UK home, a parking spot in the capital has gone on sale for £400,000 (over $650,000 at today's rate). With space for two cars, the underground space is near London's Royal Albert Hall in Kensington. That's a swanky part of town about 800 meters from which is a car park that charges £35.10 a day. A quick calculation will tell you that the equivalent money for the prime parking spot will cover parking there for over 31 years.

A similar space in the exclusive underground lot went on sale last year for £275,000, but demand is such that in just ten months the price has rocketed by 31 percent. Despite the staggering price, locals in the area pay an average of £2.3 million for a home, with similar garage spaces in Knightsbridge regularly fetching £150,000. The agent dealing with the space has no doubt the asking price will be met.

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