The UK's most expensive parking space has been put up for sale for the record-breaking price of £300,000.

The square of tarmac measuring 11ft x 21ft is located in Hyde Park Gardens and is offered with a 91-year lease.

Its £300,000 price tag makes it twice as expensive as the average house in England and Wales. The open-air space is also more expensive than a nearby studio flat, which costs £500 less than the parking space.

Matthew Abernethy, associate director at Kay & Co, sold two nearby parking spaces last year for £250,000 each.

Speaking about the latest sale, he said a number of people had expressed an interest.

"There are a number of properties in the area which range from £1 to £15 million and there are not enough parking spaces for all the residents," he said.


"Parking in this part of prime central London is always scarce and the fact that people will pay more than the price of a small flat for the privilege of their own parking space is indicative of the desirability of having parking in Westminster.

"We anticipate that the space will attract interest from local residents eager to secure parking close by."

Parking fines in Westminster, where the spot is located, cost between £80 and £130 depending on the severity of the offence. Drivers can have these halved if they pay within two weeks.

A driver would have to incur a £40 fine every day for more than 20 years to reach the value of the advertised parking strip.

While the space is the most expensive in the UK, it does not hold the world record. Last year, a private parking spot in Manhattan sold for $1m (£645,000).

The space was part of an eight-storey loft building bought by property developer Morad Farred last year and is subject to maintenance fees.