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Price of Parking: Fair For Us Motorists?

posted on Sep 30 2013 by Jade Hensby

We all know that if we want to go into the city centre then we will have to pay to park. Long gone are the days of free parking, instead they are being replaced with parking that is forever being increased. We've also seen an increase in prices of parking spaces available to rent, with some becoming the same price as an apartment in other parts of the UK. Were asking if this has become a little too much. With all the other things we as motorists pay for should we really be expected to pay for parking...

Public parking in the UK has increased by an average of 12.5% in the last year according to JustPark. Results from a survey showed that not surprisingly London was the most expensive place to park a car at £4.03 per hour, and Brighton was not far behind at £2.18. Many tourists thinking of a day out in Brighton now face the fact of having to pay £20 per day for parking; which they say is driving them away.

Parking meter

In London, for those who drive to work each day it is a constant battle to find cheap but safe parking. After all for those who enjoy driving nice cars you shouldnt have to worry about the safety of your car while at work. A number of residences with parking spaces are now taking advantage of this and renting or selling the spaces. One space in Hyde Park Gardens recently became available for a 91- year lease agreement costing £300,000. But is this a ridiculous request? Maybe not...

London parking

It seems for those who work in London you can expect to pay a small fortune, so if you know youll need a space perhaps it would be more financially beneficial to pay for a space like this one With a 91 year lease available you can certainly keep it in the family. What's more, if you're leasing a vehicle that runs the risk of being damaged in any way, it may be wiser to pay for a space in which you know it will be safe rather than having to pay out when your leasing contract runs out.

Other estate agents in the area have sold two parking spaces last year, each fetching £250,000 and other spaces being sold for £500 more than a studio flat in the area.

It seems that we motorists are willing to pay an extreme amount of money to ensure our vehicles are kept safe in the cities. With parking only going up, and more people moving to cities like London for work, maybe its not such a ridiculous idea to buy a parking space - if you can afford the hefty price tag that goes with it. For now though I think Ill just grin and bear paying the £2.18 an hour.