Labour Mayor threatens investment potential of parking spaces

Recent research indicates that efforts by Sadiq Khan to discourage car use across London are having a measurable impact on the sale of designated parking spaces. Transactions within this niche market have declined by 54% year-on-year. Despite this reduction, parking spaces remain highly sought after in the capital. The average sale price currently stands at £84,500, with prices exceeding £800,000 in certain boroughs. Analysis conducted by Enness Global, based on Land Registry price-paid data, examined both the average value of parking spaces and garages across the London market in 2025, as well as year-on-year changes in transaction volumes. The Mayor of London has introduced a range of measures aimed at reducing car usage, including the expansion of the Ultra Low Emission Zone to all boroughs, increases to the Congestion Charge, the removal of exemptions for certain vehicle types, and the implementation of new toll-based charges such as those associated with the Silvertown Tunnel. Further proposals—such as additional charges for larger vehicles—are also under consideration as part of a broader strategy to discourage private car ownership. The findings show that, across London as a whole, parking space transactions have fallen by 54% compared with the previous year, reflecting the impact of these continued measures. Notwithstanding this decline in activity, the average price paid for a parking space remains high at £84,500, underscoring the premium placed on secure, designated parking within the capital. At the upper end of the market, boroughs such as Hackney command the highest prices, where the average parking space has sold for £875,000 over the past year. This is followed closely by the City of London at £862,500. Other high-value areas include Islington, where the average price is £623,750, followed by Tower Hamlets at £555,000 and Lewisham at £462,500. Even beyond prime central London, parking spaces continue to command substantial premiums. Boroughs such as Harrow, Hillingdon and Westminster are all recording average prices in excess of £390,000.