Most Expensive Parking Spaces

Most Expensive Car Parking Spaces In Britain

In February 2014, the most expensive parking space in the United Kingdom was sold for £400,000. This underground parking space in London near the Royal Albert Hall can only fit two cars yet it costs more than twice the average rate for a house in Britain; which as of September 2014 is £188,374.

The capital city is where you’ll find the most expensive general parking too, as not only do motorists need to contend with a £10 congestion charge, but also the most costly parking in the world. In fact, research found London parking was costlier than other notoriously expensive hotspots, such as Tokyo, New York and Sydney.

According to Parkatmyhouse.com, London parking costs an average of £42 each day. This is some three times more than other large UK cities, including Birmingham and Manchester.

However, something you might not expect, is Cambridge has been named as the UK’s second most expensive city for parking. Research suggests that parking over five hours costs £26 Monday to Saturday.

Parked Cars

Compared to British property prices

In 2013, 10 months prior to the sale of this parking space, a similar space in the same car park sold for £275,000. This demonstrates an exorbitant rise in price of 46% in just 10 months. Moreover, given that land and housing prices continue to rise across the UK, the cost of parking spaces continues to rise in a similar fashion. The following chart demonstrates the annual change in house prices across Britain:

Image Source: This is Money
Image Source: This is Money

Consequently, in contrast to the aforementioned £400,000 parking space, you would be able to purchase a range of homes across different regions in Britain. For instance, as reported in The Guardian, for £400,000 you would be able to purchase the following:

1. A Grade II listed building in Ipswich

The following grade II listed building in Ipswich features five bedrooms and four reception rooms, an adjoining coach house, which has been converted to a garage and a courtyard with parking for four cars.

Image Source: Fenn Wright
Image Source: Fenn Wright

Compared to the UK average salary

As well as comparing the most expensive car parking space in Britain to properties, there is also a staggering comparison to be made in relation to the average UK salary. As matters stand, the average UK salary is approximately £26,500.

Although there is a substantial wage divide, with the FTSE 100 chiefs taking home an average of £4,300,000 and four in five jobs averaging under £16,640 for a 40-hour week, the Royal Albert Hall parking space amounts to over 15 years worth of salary in relation to the average British wage.

What’s more, this amount increases to 24 years worth of salary when equated with those who earn £16,640 per year. Even the Prime Minister would have to spend three years of his wages on this parking space; given that his current salary remains at £142,500 annually.

Image Source: Ons.gov
Image Source: Ons.gov

Compared to taking a break away

Also, if you compare the cost of the Royal Albert Hall parking space to international travels, then you and 556 friends could afford the holiday of a lifetime! For £1,438, a couple could fly to Tobago and spend a week in a four star hotel.

According to the Halifax, the average holiday costs Briton’s £1,404. This takes into account everything including activities, food and drink, rising 7% from last year. In fact, the food, drink and entertainment clock in at an average of £359, adding to a quarter of the total spend.

SummerDriving

More of us have enjoyed holidaying abroad recently too, with 56% of Briton’s travelling overseas in 2014 compared to 45% in 2013. Of course, many people are still shopping around for the best deals, with 19% of the Halifax survey suggesting they booked as early as possible.

Compared to normal parking fees

One of the main reasons why motorists purchase car parking spaces is to protect their vehicle from theft and damage as well as to save money on daily parking charges. For instance, automotive website Just Park revealed that car parking costs around the UK increased by 12.5% in 2010 alone.

Moreover, many automotive companies have created car parking tools; an example of which is the online tool offered by Park Let that enables motorists to compare the rental costs of parking spaces and garage rental across the UK.

However, despite these expensive car parking fees, the Royal Albert Hall parking space is still significantly more expensive than the majority of the car parking spaces in Britain. For example, instead of buying this parking space you could park your vehicle in London for more than 99,255 hours; the equivalent of over 11 years of continuous parking.

Illustrated below is a table recording the average car parking charges in 2010:

Image Source: JustPark
Image Source: JustPark

Compared to having a bite to eat

In today’s gastronomically adventurous society the cost of restaurant meals continues to increase. According to a recent survey, the average cost of a starter is £5.59, a main course is £10.62 and a desert costs £4.20. If you combine these meals together to produce a three course meal then it will cost you an average of £20.32.

However, if you compare these rates to that of a £400,000 parking space, you could dine in luxury 19,685 times; the equivalent of one meal per day for almost 54 years.

Image Source: Flickr (Yoann Jezequel)
Image Source: Flickr (Yoann Jezequel)

The Telegraph has even found what they question to be the most expensive restaurant in the world. The Hard Rock Hotel in Ibiza charges £1,235 for a 20-course meal with a ‘unique multisensory experience’. To ensure that each customer has the utmost service, the restaurant only serves 12 each night. Still, you could eat in this exotic location for a year without paying the same as for Britain’s most expensive car parking spot.

Compared to buying a new car

Instead of investing in a London parking space you could choose to purchase a wide range of luxury vehicles for £400,000. According to The Telegraph, the cheapest car in 2014 is the Dacia Sandero with an RRP of £5,995. For the cost of the Royal Albert Hall parking space you could afford to buy at least 66 Dacia Sanderos!

Alternatively you could decide to indulge in a variety of high-end luxury vehicles for £400,000. You would be able to purchase both an Aston Martin Vanquish Volante and a Ferrari 458 Italia at their retail prices of £199,995 and £169,545 respectively. What’s more, you would still have the remaining change of £30,460! However, if you only wished to purchase one vehicle, you could invest in the decadent £400,000 Rolls Royce Phantom.

Mercedes Classic

 

The Rise of Expensive Car Parking Spaces

As well as this £400,000 Royal Albert Hall parking space, many other car parking spaces have sold for elaborate rates. Most recently, a private car park in Mayfair which provided allocated space for up to eight vehicles was placed on sale for £2,250,000. The cost of this parking space is equivalent to that of a 16th Century grade B listed castle in Scotland.

Moreover, these car parking spaces are so expensive that they could even be considered liable for mansion tax! A garage on Kenworthy Road in Hackney is also being auctioned for a substantial rate. According to the property listing advert, the garage is set to be auctioned for £375,000 which is more than double the price of the average British home.

These expensive car parking spaces are no longer an anomaly due to the rising prices of land and housing. Given that these expensive property trends are expected to increase, it seems inevitable that these costly parking spaces will continue to be sold for exorbitant rates.