British Homes Now Cheaper Than Ritzy London Parking

There's a disconnect betwee London and the rest of the country

By Kevin Spak, Newser Staff

Posted Jul 6, 2011 1:09 PM CDT

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British Homes Now Cheaper Than Ritzy London Parking — A stretch of Clapham Park Road in the South London borough of Lambeth which last year issued over 2,500 GBP per day in fines from traffic and parking violations is seen in this file photo. (Getty Images)

Much like the US, Britain is seeing home prices plummet—well, except in London, that is. There, prices are soaring, thanks largely to foreign buyers. How bad is it? So bad that the average price of a home in the country as a whole has now fallen to around $260,878, Ian Cowie of the Telegraph reports, while primo parking spots in London can demand more than $320,000.

Sounds excessive, but it’s not uncommon in ritzy areas like Knightsbridge. “Good spaces can achieve such high premiums purely because of their location and their rarity,” explains one real estate agent who sells the spots. “Secure, underground parking in Knightsbridge is very highly sought after.” The agent says 70% of his customers come from overseas, which is up 15% from last year. (More housing market stories.)

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