Insane Property: Parking Spaces in London Cost More than a House in Northern England

The Daily Mail is reporting interesting news that it now costs £96,000 to buy a parking space in London – which they note costs more than many houses in the North of England.

From the Mail:

A parking space in Central London can now be worth more than a house in other parts of the country, a study has found.

A vehicle bay in Kensington and Chelsea was valued at £95,800, around £13,500 more than the average price of a home in Middlesbrough.

Spaces cost roughly the same as a property in Manchester where the average price is £96,353.

The report, based on interviews with 250 surveyors across the UK, said the findings highlighted the widening price gap between London and the rest of the country.

Prices in the capital have risen by 0.3 per cent in the past year compared with falls in other regions, including a dip of 7.2 per cent in the North East, the report by mortgage provider ING Direct found.

Wow – isn’t that crazy?

Source.