Central London has become so expensive that parking spaces are selling for millions.
Estate agents in ritzy Kensington and Chelsea are full of listings of parking spaces costing six-figure sums.
A variety of private parking spaces are listed with estate agent John D Wood & Co in some of the most luxurious streets in the capital.
A parking space has gone up for sale in Kingston House South in Knightsbridge for £350,000.
READ MORE: Parking space by Harrods is on sale for £250k and people are ‘very frustrated’
But when it was last sold in March 2016 it fetched an unimaginable £5,050,000.
A four-bedroom house in the borough is listed for around £5 million on Zoopla.
(Image: John D Wood & Co)
The three-metre wide parking space has its own metal gate and is half a mile from South Kensington station.
One parking space opposite Harrods costs £250,000 and has its own private entrance and it comes with 24-hour security.
Luxury buyers can even take a 360-degree virtual reality tour of the spot to ensure it’s perfect for their supercar.
The high demand for private parking in Central London has also led to much more usual parking spots costing an eye-watering sum.
A double parking space next to Gloucester Road Tube station is on offer for £150,000.
Potential buyers are able to get a mortgage out to help pay for the spot but it will cost £572-a-month for the next 25 years.
Meanwhile, in Holland Park, a 10-foot wide parking spot will set you back £119,000.
The dramatic prices of parking spaces are reflected in house prices across the borough.
One mansion in Chelsea is listed on Rightmove for £35 million and the average property in Knightsbridge costs £2.83 million, according to Foxtons estate agency.
Kensington and Chelsea Council has said it is desperately in need of housing due to the borough’s huge prices.
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Councillor Johnny Thalassites, in charge of environment, planning and place, said: “We’re in desperate need of housing and as a borough with some of the most expensive land and property in the UK – it’s very frustrating to see a six-figure price tag on a parking space and disheartening for those looking to get on the property ladder.
“It’s a major challenge for us as a council as we look to build new homes. Despite the challenge, we’re making progress, with the first of our 600 new homes – 300 at social rent – now under construction in Hewer Street and Kensal Road.”
John D Wood & Co director Matthew Harrop said: “These parking spaces have traditionally attracted buyers with classic cars and expensive or rare motorbikes and cars which if left on the street are at risk of being stolen or damaged.
“The spaces come with excellent security acknowledged through Safer Parking Scheme Award; featuring 24-hour concierge desk, entrance barrier, security video cameras throughout, electric gates and an automated key.
“The lock-up garages that were built in the 1950s-1970s are often now too narrow for modern cars and as such have been popular for owners wanting storage on their doorsteps – which is more convenient than hiring a storeroom which might be a 30-minute drive away.
“We have also seen an increase in popularity for garage spaces, as more of these garages have electric charging points which allow owners to safely charge their cars off the main street overnight.”