$187,500 tag for London car spot
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Motorists are buying car parking spaces to avoid hefty parking costs.
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LONDON, England (Reuters) -- A car parking space is for sale in central London for $187,500, fueling a favorite obsession of Britons -- talking about property prices.
The space in an underground car park near luxury store Harrods in Knightsbridge is thought to be one of the most expensive in Britain.
"There is a shortage of parking spaces in the area," said Andy Summer for Harrods Estates, who are handling the sale.
Prices of parking spaces and individual garages have risen steadily in recent years as motorists seek ways to avoid parking costs of up to four pounds an hour and tickets from zealous traffic wardens.
One parking bay in the same Knightsbridge underground car park is understood to have sold last July for $177,000 while another was bought by a mother for her 3-year-old son for when he can drive.
"Spaces are an investment and, for the sort of people who live in the area, 100,000 pounds (about $187,000) is not that much," said Summer.
A recent boom in property prices has pushed the average price of a home in Britain to just over $261,000. Knightsbridge is one of the most expensive parts of London, where properties routinely sell for millions of dollars.
Copyright 2004
Reuters. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
