The most expensive parking space in the UK we can document is a two-car underground bay near the Royal Albert Hall in Kensington, reported at £400,000 in February 2014, and no verified UK sale since has clearly beaten it. Prices for a single bay in London have moved a lot since then, but the public record is mostly averages and asking prices, so this page separates what was paid from what was only asked. As of October 2026, the world record for a parking space sits in Hong Kong, not London.
What London parking spaces actually sell for
The Land Registry records every sale in England and Wales, and a few firms comb it for parking spaces. One analysis of June 2024 to May 2025 found the London average at £130,000, up 70% on the £76,250 of the year before. Islington came out on top at £760,000, followed by Tower Hamlets at £600,000. Kensington and Chelsea averaged £80,000 and Westminster £110,000.
A newer analysis of 2025 data, published in April 2026, put the average at £84,500 and said the number of transactions had fallen by 54% in a year. It listed Hackney at £875,000 and the City of London at £862,500. The two datasets do not agree, and averages swing wildly when only a handful of spaces change hands, so read them as a mood rather than a price list.
| Rank | Space | Price | When | Type |
|---|---|---|---|---|
| 1 | Two-car underground bay, near the Royal Albert Hall, Kensington | £400,000 (about $670,000 at the time) | February 2014 | Reported sale |
| 2 | Comparable bay, same car park | £275,000 (about $460,000) | Spring 2013 | Reported price |
| 3 | Islington borough average | £760,000 | June 2024 to May 2025 | Land Registry average |
1. Kensington, two-car bay: £400,000 (February 2014)
A large, secure underground bay near the Royal Albert Hall, big enough for two cars, was reported at £400,000 in early 2014. It served residents of the mansion blocks around the hall, in one of the priciest postcodes in the country. The price was about 15 times the average UK salary at the time.
It looks like an ordinary garage space. What you buy is the scarcity: central Kensington has almost no new parking, and a space tied to a flat can lift the flat’s value.
How we valued it: the reported price in sterling, converted at the 2014 rate. We could not open a registry entry for it, so treat the figure as reported rather than audited.
2. Kensington, similar bay: £275,000 (spring 2013)
About ten months before the bay above, a similar space in the same car park was reported at £275,000. The jump to £400,000 in under a year shows how thin this market is: one buyer with a flat nearby can move the price by 45%.
How we valued it: reported price, converted at the 2013 rate; not independently confirmed.
3. Islington, borough average: £760,000 (2024 to 2025)
This is not one space. It is the average price paid in Islington over the twelve months to May 2025, up 41% on the previous year. Averages like this are driven by a few sales of spaces sold together with large developments, so no single bay necessarily cost that much.
How we valued it: the average of registered sales in the period, as analysed by a London agency.
Asking prices that never became records
Plenty of London spaces are advertised above anything that has been proven to sell. In April 2015 a triple bay in South Kensington was listed at £480,000. We found no report that it sold at that price, so it does not count as a record. Agents also list single bays in Knightsbridge, Mayfair and Hyde Park Gardens at figures between £250,000 and £350,000. An asking price is a hope, and a quick sale is the only proof.
The world record is in Hong Kong
For context, the global benchmark is far above anything in Britain. In June 2021 a space at the Mount Nicholson development on The Peak in Hong Kong sold for a reported HK$10.2 million, roughly US$1.3 million, a record that beat the previous holder at the Ultima development by more than 50%. Earlier records in the city: HK$5.18 million in 2017 (Sai Ying Pun, about US$664,000) and HK$7.6 million in 2019 (The Center, about US$969,000). We found no later verified record, so we treat 2021 as the current mark.
Records set in 2025 and 2026
We found no verified single-space record in the UK in 2025 or 2026. What changed is the data: the 2025 analysis showed London averages up sharply, while the 2026 analysis showed fewer sales and a lower average. The market for spaces is small, and a single block of spaces sold in one deal can distort a whole year.
What drives these prices
- Scarcity in a few streets. Central Kensington, Knightsbridge and Mayfair have no room to build new parking.
- Size. A bay that fits two cars or a large car sells for more than a standard one.
- Link to a home. Buyers are often neighbours who already own a flat nearby, so there is a small pool of motivated bidders.
- Lease length and service charge. A bay with a short lease or a high annual charge sells for much less than a freehold or long-lease one.
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What is the most expensive parking space in the UK?
The most expensive we can document is a two-car underground bay near the Royal Albert Hall in Kensington, reported at £400,000 in February 2014. We found no verified UK sale since that clearly beat it.
What is the most expensive parking space in the world?
A space at the Mount Nicholson development on The Peak in Hong Kong sold in June 2021 for a reported HK$10.2 million, roughly US$1.3 million.
How much does a parking space cost in London now?
It depends on how you measure it. One analysis of 2024 to 2025 sales put the London average at £130,000, and another of 2025 sales put it at £84,500. Central boroughs can be several times higher.
Is a parking space a good investment?
It can be, because spaces are rare and cheap to hold, but sales are infrequent and prices swing. Check the lease length and the service charge before you buy.
Why are London parking spaces so expensive?
There is almost no new parking in the centre of the city, and the buyers are usually people who already live nearby and want a secure bay for a car they do not want parked on the street.
Were any asking prices higher than the sale prices?
Yes. A triple bay in South Kensington was listed at £480,000 in April 2015, but we found no report that it sold at that price.
How we put this list together
We ranked UK parking spaces by reported sale price and kept asking prices in a separate section. Prices come from reported sales, Land Registry analyses and dated news reports, and they are approximate and change over time.
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Last updated: October 2026.
