"With car ownership in prime London remaining strong despite the city’s public transport infrastructure, competition for secure parking spaces shows no sign of slowing"
- Damien Jefferies - Jefferies James
Buyers in Islington paid an average of £760,000 for a private parking space over the past year, according to new analysis by Jefferies London, making it the most expensive borough in the capital for off-street parking.
The research, based on Land Registry Price Paid data, examined designated parking space transactions between June 2024 and May 2025. It compared the median prices paid with those recorded during the same 12-month period the previous year, highlighting how values have shifted across London’s boroughs.
Across the capital, the average price for a parking space now stands at £130,000, marking a 70% increase from £76,250 a year earlier.
Islington led the rankings, where buyers paid a median of £760,000, a 41% increase year on year. In Tower Hamlets, the average cost reached £600,000, reflecting a 146% rise.
Other boroughs with high average prices included:
Merton, where the typical parking space cost £420,000
Redbridge, with an average of £293,000
Waltham Forest, at £280,000
However, both Redbridge and Waltham Forest recorded annual declines of 21% and 34%, respectively.
In central boroughs, Westminster saw a 23% rise in the average parking space price to £110,000. Kensington and Chelsea followed with an increase of 5%, bringing the typical cost to £80,000.
Some boroughs, by contrast, experienced sharp declines. In Richmond upon Thames, the average price dropped by 85% to £45,000. Southwark saw a 91% fall to £25,000, while Ealing posted the largest annual decrease of 99%, with average prices falling to just £5,000.
“The cost of purchasing a private parking spot in the capital remains rather shocking, particularly in prime boroughs such as Islington, where the average price of a parking space has sat at £760,000 over the last 12 months,” said Damien Jefferies, founder of Jefferies London. “This dramatic rise is being driven by a combination of limited supply, planning restrictions, and the increasing appeal of private, off-street parking.”
“With car ownership in prime London remaining strong despite the city’s public transport infrastructure, competition for secure parking spaces shows no sign of slowing,” Jefferies added.
