London garage on the market for £300,000


A garage in West London is on the market for £300,000, it has been revealed.

In the latest sign of London’s property boom, the garage is valued at more than the average price of the British home.

Property in the capital has risen on average by almost 10 per cent during the past year or almost £47,000 to more than £533,000.

Rory Penn, partner of Mayfair estate agency VanHan, said: “Parking spaces in prime central London are without doubt the most unrecognised investment opportunity. Some have risen by 100 per cent in value in just two years and this trend shows no sign of abating.

“For example, secure underground parking spaces in Knightsbridge can cost around the same as a good house in many UK postcodes.

“There is a huge lack of supply and many high-net-worth individuals living in London’s most desirable addresses require parking for their car collections or staff.

“They will often pay any price for this, due to the convenience, making them an incredible midterm investment if you purchase and flip it on for a profit.”