The Most Expensive Car Parking Spaces In The UK Revealed
When budgeting for your big move, you’re naturally going to consider different monthly expenses. The mortgage, the bills, the council tax…and the cost of commuting from your new place.
We researched car park fees to find out which UK cities have the most expensive car park spaces. Commuters, beware: parking in some major UK cities costs thousands of times more than a house!
London, Bristol and Edinburgh have the most expensive car parking spaces in the UK, costing more than double the national average
Drivers in London, Bristol and Edinburgh feel the pinch the most. The average parking fee in these locations costs more than anywhere else in Great Britain, and over double the UK average of £2.25 per hour.
Unsurprisingly, London is the most expensive location to park in overall: the average car park fee in London is £11 per hour. This means if you park your car in the capital for a month, you could end up paying £3,168!
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Parking your car can be 18 times more expensive than buying a house!
These hefty car park fees made us wonder, is a square metre of car park space as expensive as a square metre of a house? And if so, by how much?
By comparing average house sizes and costs with average car park fees of each location, we discovered that parking a car can be up to 18 times (1,712%) more expensive than buying a house:
|Location||Average car park space cost per sq. m. per month||Average house cost per sq. m. per month*||How much more expensive is parking a car compared to a house? (Per sq. m. per month)||How much more expensive is parking a car compared to a house? (%)|
* Based on a 25-year mortgage.
Londoners who hate on the Tube might want to think twice. A month of parking in London is an average of £238.54 more than a property — per square metre!
When it comes to the largest percentage difference, Northern England and Scotland are the most expensive car parking locations. Buying a square foot of property in Leeds, Edinburgh, Manchester and Glasgow is more than 10 times cheaper than parking a car in the same space.
But topping the list is Sheffield: a square metre of property in Sheffield is £94.48 less per month than a square meter of parking space, making parking a massive 18 times more costly than buying a home.
What about the least expensive car parks in the UK?
Other UK cities offer car parks at a fraction of the cost of those listed above, making commuting to the centre a far more affordable option. The cities with the cheapest car parks in the UK are:
|Location||Car Park Name||Parking Cost Per Day|
|Birmingham||Saint George’s Street||£2.00|
|Kingston upon Hull||Citadel||£2.00|
How can buyers avoid expensive commuting and car park costs?
‘Buyers might be put off urban locations due to more expensive house prices. However, when you consider the savings that can be made on parking and travel, particularly for regular inner-city commuters, the benefit becomes apparent. Over the years, avoiding regular use of central city car parks can mount up to thousands in savings.
For potential purchasers looking to cut commute time and live in desirable locations where car parking is expensive, home-buying schemes such as Shared Ownership and Help to Buy offer an alternative route onto the property ladder in locations where first time buyers might otherwise struggle. Additionally, many new build developments offer options for those looking to avoid car park costs altogether, such as cycle storage, access to cycle highways and homes with a car park space included.’
– Nick Lieb, Head of Operations, Share to Buy
Learn more about how Shared Ownership and Help to Buy can help you find affordable homes in sought-after locations across England. Visit the Share to Buy website to search for your next home today.
Parking data was found through Take Payments and Parkopedia.
Average house sizes for different regions were found through Property Reporter and average prices through the House Price Index.
Rates for a square meter of a property per month are based on the typical mortgage period of 25 years.