London is an incredibly expensive place to buy a home compared with the rest of the UK, and hitting that point home is news of a garage that sold for more than the average house.
The single-car garage measures only 146 square foot and is on a road that’s hardly the most spacious either, limiting its use somewhat. But it just so happens to be in the fancy London borough of Kensington and Chelsea.
Parking in this area is limited, particularly of the secure variety, so it’s no wonder the guide price of £180,000 was totally smashed when it went up for auction. In fact, it sold for £360,000.
Now that may sound a lot ─ and it is when you consider the average UK house price is now £288,000 ─ but this is an area where houses go for millions so a few hundred thousand to keep your Ferrari or Range Rover safe is a bargain, relatively speaking.
Ultra-expensive garage sales are more common than you may think. Only a month ago a parking space in Hyde Park Gardens (another expensive area) sold for £350,000.
Savills auction head Chris Coleman-Smith said of the sale: “This part of London is an affluent residential area with a chronic lack of off-street parking, so we expected the garage at Crescent Place to attract a lot of interest.
“For local residents who have invested in cars as well as their homes, the chance to buy a well-located, secure garage simply couldn’t be missed.”
Garages numbers have actually started to decline as 3.9 million Brits have converted them into a living space over the last 20 years.
Annoyed you missed out on buying a super-expensive garage? Why not contemplate parking your car inside your not-so-humble abode.