Parking in London now costs more than the National Living Wage

The average cost for an hour’s parking in London is now more than the newly increased National Living Wage – now at £8.84 per sixty minute stint! The Living Wage currently sits at £7.20, and is due to increase to £7.50 in April 2017.

Even those with parking permits in the capital were found to be paying a premium – with the average costs of a resident’s permit in Islington being £545 per annum. But permit costs seem inconsistent; with Kensington and Chelsea averaging £214, and Westminster £141. The most expensive car parking space sold (ever!) is in South Kensingon – and cost a whopping £480,000!

Car Club Ubeeqo issued the research, which analysed information provided by Parkopedia. The stats were taken by averaging the prices across city locations.

Stockholm, Oslo and Athens also scored highly – but this forms part of their plans to ban cars from city limits entirely, aiming at improving air pollution levels.

If you have to drive into the capital, you can earn back some petrol and parking pounds by offering others a lift there. Why not share and save?