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The quest for a coveted parking spot in the bustling heart of London has reached unprecedented levels of expense, with new data revealing eye-watering prices across the capital. While Islington takes the top spot for the priciest parking, East London's Tower Hamlets has emerged as a shocking second, with average parking space costs skyrocketing by an astonishing 146% in the past year, Daily Dazzling Dawn understands.
According to research from property broker Jefferies London, homebuyers in Tower Hamlets shelled out an average of £600,000 for a single parking space between June 2024 and May 2025. This dramatic surge firmly places the East London borough as a hotbed for parking investment, or perhaps, desperation.
The research, which meticulously analyzed Land Registry Price Paid data for designated parking space sales, highlights a broader trend of escalating costs across London. The average price of a parking space city-wide has jumped by 70% over the last year, from £76,250 to £130,000.
"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," commented 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."
East London's Parking Picture
Beyond Tower Hamlets' significant increase, other East London boroughs present a mixed bag. Redbridge saw an average parking price of £293,000, though this represented a 21% decrease from the previous year. Similarly, Waltham Forest recorded an average of £280,000, with prices dipping by 24%.
These fluctuations underscore the localized nature of London's property market, even for something as seemingly mundane as a parking space. While some areas experience massive price hikes due to high demand and limited supply, others may see reductions, potentially due to fewer transactions skewing the data or localized changes in demand.
The Capital's Parking Premium
Islington leads the pack, where buyers paid an astronomical average of £760,000 for a parking space, a 41% increase year-on-year and five times the capital's average. Following Tower Hamlets, Merton recorded an average of £420,000.
The scarcity of parking has long made it a valuable commodity in London. Previous years have seen individual spaces listed for as much as £750,000, with another, barely car-sized, advertised for £85,000. The annual Wimbledon tennis tournament also sees homeowners in the area capitalize on their parking spaces, highlighting the ongoing demand.
While some boroughs like Ealing, Southwark, and Richmond upon Thames have seen significant price reductions (99%, 91%, and 85% respectively), Jefferies London notes that these figures might be influenced by a limited number of sales in those areas, which can skew the average.
As London's population continues to grow and vehicle ownership remains robust, the battle for a secure and private parking spot shows no signs of abating, turning what was once a simple convenience into aluxury commodity.
