ING Direct’s study estimates that a parking space in Kensington and Chelsea is worth almost £13,500 more than the average house in Middlesbrough.
A parking space in central London is worth more than some houses in Middlesbrough, according to new research.
ING Direct conducted a study that estimated a parking space in Kensington and Chelsea to be worth £95,800, almost £13,500 more than the average house price in Middlesbrough.
The report stated that the findings highlighted the dramatic and widening gap between properties in London and the rest of the country.
The study, based on interviews with 250 surveyors, suggested that having a garden, falling in a good school catchment area and proximity to a railway station can add between 5% and 14% to a property’s value.
House prices in the capital have risen by 0.3% over the past year compared to falls within other regions including a 7.2% slump in the North East.
Julian Hartley, a mortgage director at ING Direct, said: “For most Britons, a parking space is a must for their ideal home, which is why so many of us are willing to pay for the privilege.
“In central London locations, where you’ll find some of the most expensive properties in the world, a parking space will bring with it a hefty price tag.”