London parking space costs more than a property in Middlesbrough
BY Lee Boyce 'The Mail'
Property prices in London are increasing at such a fast rate that the added value of an off-street parking space in the capital is now worth more than a house in Middlesbrough, shock research has revealed.
The average parking space with a property in the Kensington and Chelsea area of London was estimated to be worth £95,800.
This is £13,500 more expensive than the average price of a house in Middlesbrough, mortgage provider ING Direct found.
Parking space: It adds an average of 10% onto a house value - and means that the average London driveway could buy you a home in Middlesborough
The parking space figure is based on the average property in the capital, which boasts off-street parking, adding 10 per cent to the value, combined with the sky-high price of a home in London's posh Kensington area.
However, even the 10 per cent added value of parking or a garden on a humble average £340,000 London home could bag a lower end house or flat in Newcastle with a little negotiating.These have asking prices in the £30,000 to £40,000 range, according to a Zoopla.com search.
It is more evidence pointing at the North South property price gap growing.
Read more:
