People are just desperate for somewhere to park

Dan Marsden, Berkeley Homes

Once you have shelled out for the flat, a space in the parking lot will cost you from �32,500 to �50,000, depending on how big a space you want - and how close to the lifts it is.

If you thought people would baulk at such prices, you would be mistaken.

"We have already had 95% take-up on the spaces because people are just desperate to get somewhere to park" said Dan Marsden, sales manager at Berkeley's City and East London office.

According to Mr Marsden, prices for parking spaces have risen much more quickly than flats or houses over the past couple of years.

And if plans to introduce congestion charging in London go ahead, parking spaces are expected to become even more desirable - and expensive.

Home improvement

A flat or house with a dedicated parking space can be worth about 10% more than an equivalent property with no such space according to Andy Buchanan, director at John D Wood estate agents.

One reason why parking spaces are so desirable

Mr Buchanan works at the company's office in Chelsea - one of central London's most affluent areas.

An average-sized garage there can sell for around �40-50,000, occasionally going for much more.

Mr Buchanan says he sold one garage for �120,000 to the owners of a house that was worth �1.25m.

The buyers felt the price was worth paying because of the overall uplift it gave to the value of their home.

Convenience and security are also important factors behind the demand for spaces.

"There is something very comfortable about buying a parking space you can always use," said Mr Buchanan.

'Unbelievable' prices

Latest figures from the Land Registry show that the average house price in England and Wales is now just over �117,000.

You could get a decent choice of properties outside of London for the same price as a Chelsea garage.

Peter Davies, north west England representative for the National Association of Estate Agents, describes the prices as "just unbelievable".

"In Blackburn you can buy a two-bedroom semi-detached modern house for �50,000," he added.

In Sheffield it is a similar picture.

"�50,000 would buy you a good two-bedroom terraced house in a decent part of Sheffield" says Stuart Goff of Goffs Estate Agents.

But Mr Goff says while he finds the sums quoted incredible, he accepts that garage prices will inevitably be high in London where house prices run into the millions.

And it is not only non-Londoners who baulk at the prospect of the parking premium.

The figures make depressing reading for those people still struggling just to get on the property ladder in London, let alone worrying about a garage.