Britain’s most expensive parking space goes on the market… for £300,000

Britain’s most expensive parking space has gone on the market for a record-breaking £300,000 – almost TWICE the price of the average UK home.

The open air spot measures just 11ft x 21ft but is in London’s ultra-exclusive Hyde Park Gardens where houses cost tens of millions.

It is now being offered for sale, with a 91-year lease, through estate agents Kay & Co for an eye-watering £300,000-plus.

This makes it nearly twice as much as the average house sold in England and Wales last month, which stands at £162,000.

The space is also £500 more than a nearby studio flat sold in the last week by the same estate agent.

It costs more than a Rolls-Royce and 15 times as much as the BMW 1 Series which is pictured in the space.

The spot measures 231 sq/ft – with each square foot costing £1,299.

Matthew Abernethy, associate director at Kay & Co, has sold two parking spaces nearby last year for £250,000 each and revealed there were a number of people expressing interest in the latest six-figure spot.

He added: “There are a number of properties in the area which range from £1 to £15 million and there are not enough parking spaces for all the residents.

“Parking in this part of prime central London is always scarce and the fact that people will pay more than the price of a small flat for the privilege of their own parking space is indicative of the desirability of having parking in Westminster.

“We anticipate that the space will attract interest from local residents eager to secure parking close by.”

Parking fines in Westminster range between £80 and £130 depending on the severity of the offence and they are halved if paid in less than 14 days.

This means, on the basis of the £40 fine, it would take more than 20 years – 7,300 days – to rack up £300,000 in fines.

However, over the period of the 91 year lease, it works out at just £9.20 per day to park in the space.

In 2011 an underground parking space near Harrods was put on the market for £200,000.

And it is not just London where the price of a parking space has gone through the roof. Three spots in St. Ives, Cornwall sold last year for a combined £160,000.