Ever wondered where the most expensive place to park in London is? Well, according to property broker Jefferies London, that accolade goes to Islington, where homebuyers paid an average of £760,000 for a parking space over the last year.
According to the data, this figure represents a 41 per cent increase on the previous year. It’s also five times higher than the average across the capital, at £130,000 for a year’s parking.
Jefferies London’s research analysed Land Registry Price Paid data for the sales of designated parking spaces across the capital between June 2024 and May 2025. Some boroughs did not record any sales.
Parking spaces have long been hot property in London, as the number of available spaces has gradually reduced. One parking space made headlines in 2021 after it was listed for £750,000, while another, barely large enough to actually fit a car, was advertised for £85,000 the following year. And every year, homeowners in Wimbledon cash in on their parking spaces during the tennis.
Across London, the price of a parking space has gone up by 70 per cent over the past year, from £76,250 to £130,000.
London’s priciest parking spots
After Islington, Tower Hamlets commanded the highest prices for parking over the last year, with buyers paying an average of £600,000 a year — a huge 146 per cent increase on the previous year.
In Merton, buyers paid an average of £420,000, followed by £293,000 in Redbridge and £280,000 in Waltham Forest. In the latter two boroughs, prices have gone down by 21 per cent and 24 per cent respectively.
In Westminster, meanwhile, prices rose by 23 per cent up to an average of £110,000, with the average space costing £80,000 in Kensington and Chelsea, up five per cent.
Where prices are going down
In some boroughs, however, prices are going down. Ealing saw a 99 per cent price reduction, with the average space between June 2023 and May 2024 costing £440,000, compared to £5,000 over the last year.
In Southwark, prices were also down by 91 per cent, from £267,000 to £25,000. And in Richmond upon Thames, they reduced from £297,500 to £45,000.
But with only a handful of designated parking spaces sold in some of these boroughs, this may affect the data.
“The cost of purchasing a private parking spot in the capital remains rather shocking, particularly in prime boroughs such as Islington, where the average price of a parking space has sat at £760,000 over the last 12 months,” says Damien Jefferies, founder of Jefferies London.
“This dramatic rise is being driven by a combination of limited supply, planning restrictions, and the increasing appeal of private, off-street parking.
“With car ownership in prime London remaining strong despite the city’s public transport infrastructure, competition for secure parking spaces shows no sign of slowing.”
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