Garage worth more than two FTB homes

A garage in central London could be sold for more than 300,000 this week – at least twice the price of an average first-time buyer home.

It is on the market for 300,000 but will go to a sealed bid this week as it has attracted so much attention. This means it is likely to go for higher than the original asking price.

The garage in Chelsea is being sold through Cluttons and its price highlights the problems lack of parking space causes in London.

James Rodea, commercial director at Cluttons, says: “This just goes to show the premium for parking in Chelsea. But at least buying a garage there is cheaper than buying a football player.

“People think property prices are going crazy again but there has never been a ripple in Chelsea. We have arranged three or four loans in that area for over 1m in past two months. There’s a glut of people wanting to buy but a lack of stock.”

The shortage of parking space in London has pushed up prices of private garages, with secure garages fetching even more.