London parking 'pricier than homes'

New research has revealed that a parking space in London can cost more than buying a house in some parts of the country.

Mortgage provider ING Direct said the privilege of having a parking space outside your home in Kensington and Chelsea can cost as much as £95,800, which is about £13,500 more than the average price of a Middlesbrough house.

Julian Hartley, mortgage director at ING Direct, said: "For most Britons, a parking space is a must for their ideal home, which is why so many of us are willing to pay for the privilege.

"In central London locations, where you'll find some of the most expensive properties in the world, a parking space will bring with it a hefty price tag."

ING Direct said the results show the "dramatic" house price gap that is continuing to widen between the North and the South of England.

London house prices have risen by 0.3% in the last 12 months whereas the North East has seen prices fall by 7.2%.

The report by ING Direct was conducted in conjunction with 250 surveyors across the UK and highlights the areas, like car insurance and breakdown cover, that motorists have to take into consideration.

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