Amazingly, a parking space in west London is on the market for £480,000 - £494,000 when Stamp Duty is added. That is approximately three times the price of the average home in the UK. If it sells, it will break the previous record by £100,000 for a two-car underground parking spot also in Kensington. The spot, near the Royal Albert Hall, sold for £400,000 in February 2014.
For the money you get a triple parking bay described by selling agents Foxtons as "Boasting an exceptional location, this exquisite underground parking development boasts a secure, prestigious and exclusive environment, while offering a fantastic spacious triple bay."
It does come with 24 hour security, valet service and ventilation system to remove exhaust fumes. It also has an "exceptional" chauffeur lounge, and number plate recognition.
Another sting in the tale is that the parking space also has an annual service charge of £1,500. Bearing in mind that a resident's parking permit in Kensington is £207 a year you would need deep pockets and an expensive car to justify the cost.
