Garages are a much sought-after commodity in cities and towns across the UK – but nowhere more than the capital. Many older homes don’t come with parking facilities, because they simply weren’t needed at the time when the property was built; combine that with our modern society, where many families have more than one car and need additional storage for a variety of personal possessions, and it’s unsurprising that the cost of a garage in London has risen.
What is surprising, however, is quite how far that cost has soared in some parts of the city. At an auction earlier this month a garage in South London sold for an astonishing £550,000; triple its asking price and more than £150,000 more than the average house price in the area, making it the most expensive garage in the country. The property in question is a brick built, double-height building which was used for some years to park the Mayor of Southwark’s car; the auctioneer stated that although it was in reasonable condition there were cracks in the wall. Investors and residential developers are thought to have been involved in the bidding war, however the property does not have planning permission to convert it to residential use, so this would mark something of a high-priced gamble if that was the purchaser’s intention.
The previous record price for a garage was set only last year, when a garage close to Harrods in Knightsbridge sold for £525,000; while these prices are extreme, it’s hardly unusual for a London garage to sell for up to £300,000 – a price that would easily cover a family home in other parts of the country.
With prices this high, it is unsurprising that many people are looking for garages to rent instead; they provide you with exactly the same storage facilities for a tiny fraction of the price. Less than two miles away from the most expensive garage in Britain, you can rent a garage from us for as little as £25 plus VAT per week. Space and property in London is at a premium; but for the householder who knows where to look, there are still affordable ways to find storage for your vehicle and possessions in the capital.