Couldn’t resist writing about this, a true Blimey! moment when I read it. Everyone knows London is one of the most expensive capital cities in the world. Space is at a premium and even tiny apartments command a huge amount of money.
If you do manage to save up enough pennies for a place in the capital of England – don’t expect it to come with a parking space. Cars are a luxury and owners not only have to folk out for nearly $10 a gallon petrol (it’s a bit cheaper outside of London…say just $8 a gallon..ha!), but also pay a £10 ($16) daily “Congestion charge” JUST for entering inner city London.
So perhaps I shouldn’t be surprised a car-parking spot recently sold for a staggering £400,000 – that’s close to $1 million dollars! Sure, the spot is secure. Has a roof. And a door. But is it really worth nearly 3x the cost of the average home in Britain?
It does have good views of the Royal Albert Hall, to be fair. Well, once you’ve driven outside.
At least the space is freehold. What some readers might not be aware, some properties in the UK (especially in the more expensive areas) are only yours for a certain amount of time. Yes, you could splash out half a million dollars but only “own” it for 30 or 40 years before it reverts back to the lease owner.