UK's Most Expensive Parking Spaces Sell for $666,000

10 years, 8 months ago - 18 February 2014, Autoblog

It's difficult to express how cramped the city of London really is. It's not like New York, Los Angeles or Chicago, which had the benefit of being built after the advent of the grid system - we suppose that's the downside of being founded by the Romans.

As a result of its ancient beginnings and meandering streets, parking in London is very, very expensive. Take this two-car underground spot near Kensington's Royal Albert Hall, which just sold for 400,000 pounds ($665,680), as an example. It's now the most expensive parking spot in the whole of the United Kingdom, costing 2.5 times the price of an average house. It's 15 times the average salary of one of the Queen's subjects, and according to The Telegraph, for the same price someone could rent a spot in a parking garage half a mile away... for 31 years.

According to The Telegraph, the pricing of this spot isn't unusual as of late. The average price in the garage has increased 31 percent in the past ten months, moving from 275,000 pounds ($457,655).