A single parking space in London's Knightsbridge is commanding a staggering £250,000 price tag - equivalent to the cost of a three-bedroom flat in Manchester.
The 5.6-by-2.5-metre space represents a new peak in London's soaring parking costs, matching the price of a two-acre field in Kent.
In Kensington, private parking spaces are selling for between £90,000 and £165,000, with a spot in the gated York House Place listed at £125,000.
Two parking spaces in Mayfair are currently on the market for £100,000 each.
A single parking space in London's Knightsbridge is commanding a staggering £250,000 price tag
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A parking space in Farringdon offers a relative bargain at £50,000, while Southwark has a space available for £40,000 on a 20-year lease.
Jay Vara, who owns a £165,000 parking space in Allen Mansions, Kensington, says people regularly offer him £10,000 above the current price.
"People ask me on the street about three times a month maybe, if they can rent it out from me," he told The Telegraph.
"It is expensive but it is more than a space, it is safe and convenient."
Council permit price increases across London are fuelling the private parking market boom.
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The price tag is equivalent to the cost of a three-bedroom flat in Manchester
GETTYCroydon has raised permit prices by 295 per cent to £300 per year.
In Enfield, residents face a 229 per cent increase, with annual permits now costing £395.
Parking on Kensington High Street has jumped 37 per cent since 2018, now costing £4.90 per hour - nearly £10,000 for a year of daily parking.
Kensington and Chelsea faces a severe parking shortage, with just 35,640 spaces available for a population of 155,798 residents living in 29,000 homes.
The squeeze comes as car ownership continues to rise, with government data showing a third of households now own two or more cars, compared to just 8 per cent in 1971.
Luke Bodet of the AA claims councils are waging a fresh war against motorists.
"It's councils trying to screw more money out of residents or visitors with cars," he said. "Squeeze them for cash and squeeze them for spaces. Signage can be confusing and the enforcement ruthless."
The price tag is equivalent to the cost of a two-acre field in Kent
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London councils issued 4.5 million parking fines in 2023-2024, an 11 per cent annual increase.
Lambeth Council has implemented one of the most dramatic increases, raising resident parking permit costs by 444 per cent over two years.
Even electric vehicle owners face steep rises, with permits jumping from £39.50 in 2023 to £128.26 this year.
In Hammersmith and Fulham, diesel car owners now pay £345 annually - almost triple the previous £119 fee that had been frozen for 13 years.
Nick Lyes, policy director at IAM RoadSmart, warns of serious consequences for those unable to afford residential parking permits.
"If businesses have to pay more for van or car permits they will have to pass it onto consumers," he told The Telegraph.
"I worry that people are going to be forced off the roads because of the costs associated with driving."
