Sales of parking spaces across London have fallen sharply over the past year, as policies aimed at reducing car use begin to reshape demand.
Research from Enness Global shows transactions involving parking spaces dropped by 54% in 2025 compared to the previous year, reflecting the impact of measures introduced under Sir Sadiq Khan.
The capital has seen a sustained push to discourage private vehicle use, including the expansion of the Ultra Low Emission Zone, higher congestion charges and the introduction of new toll-based schemes.
Despite the sharp fall in activity, prices remain elevated. The average parking space in London sold for £84,500 over the past year, highlighting continued demand for secure, designated parking.
MARKET VARIATIONS
At the top end of the market, values are significantly higher. In Hackney, the average price reached £875,000, with similarly high figures recorded in the City of London and Islington. Other boroughs, including Tower Hamlets and Lewisham, also saw average prices well above £450,000.
Even outside central London, parking spaces are commanding substantial premiums, with areas such as Harrow, Hillingdon and Westminster all seeing average prices exceeding £390,000.
The figures suggest that while policy changes may be reducing transaction volumes, demand for parking – particularly among higher-end buyers – remains resilient.
INCREASING COSTS
Islay Robinson (main picture, inset), CEO of Enness Global, says: “It’s clear that the Mayor has made a very deliberate effort to deter motorists from the capital through increased charges, the expansion of low emission zones, and by making car ownership more costly overall.
“Whether this is a transparent ambition to reduce emissions or simply a tax grab remains open to interpretation, but what is evident is that it’s having an impact on market activity.
“That said, it’s unlikely to deter buyers at the top end of the market. Prime buyers have the pockets deep enough to contend with even the Mayor’s increasing costs and will continue to place a high importance on securing a safe and consistent parking space.
“For many, it’s not a luxury, it’s a necessity, and that’s why we continue to see strong prices being achieved, even as transaction levels decline.”
