Parking mad! London drivers are paying as much as £800-a-month to rent a space for car in the city

Londoners spend as much as £780 a month a month on a parking space in the capital – more than it costs to rent a three-bedroom house in the north of the country.

To actually buy a space, motorists may have to shell out as much as £250,000 as prices in the capital are rising to record levels and a generation fears they’ll be left out of the city’s housing market.

The capital is the most expensive place for first-time buyers, with average asking prices for starter homes nearly 30 percent higher than the second highest, St. Albans.

It is now estimated that Britons will have to save for 15 years before they can afford to get up the housing ladder.

But London’s high-rollers don’t hold back as they park flash cars all over the city.

The most expensive borough to rent a parking space is Kensington and Chelsea, where punters rent a parking space in a secure car park opposite Harrods for nearly £800 a month.

At £9,360 per annum with an additional £900 deposit, all applicants must also live within 400m of the prime locations to secure the 10.5 square meter area.

This is despite the fact that many luxury cars are longer than the expensive parking space advertised by Harrods Estates.

Only 4.2 meters long, a 4.9-metre Lamborghini Aventador, 5.3-metre Bentley Flying Spur, 5-metre Range Rover and even a 5-metre BMW 5 Series protrude a full metre.

Dan Wilson Craw, the deputy director of campaign group Generation Rent, ranted: ‘London’s ridiculous cost of parking is just one symptom of the disaster that is the capital’s housing market.

‘So many people want to live and work in London that every piece of land is being fought over.

“To meet the demand of people who want to live in London, we need to build a lot more housing, including social housing that allows people on low incomes to live close to their jobs.

‘More people living closer to central London will reduce journey times and reduce people’s dependence on cars.’

Elsewhere in the capital, in West London’s Hammersmith and Fulham, a single space outside of a home will set you back as much as £585 a month.

And in chic Camden, north-west London, a National Trust property – Fenton House – is offering spaces on their property for £600 a month.

The ex-merchant’s house – which was bequeathed to the charity in 1952 – thrashes four sites within walking distance of Hampstead tube station.

The ad claims they: ‘would be a perfect fit for a neighboring business with parking needs for staff or local residents who require a safe and secure parking space.’

For permanent spaces, wealthy city folk pay as much as £250,000 for a place in the City of Westminster – close to the Houses of Parliament.

The oversized secure lots near Harrods have 24-hour security and CCTV – with supercars and plush SUVs pictured in their advertisement.

A two-car garage space can fetch a staggering £750,000, while you can rent a four-car garage in nearby Kensington for £6,500 a month.

A second spot is for sale in a small garage near Hammersmith tube station for £200,000.

In Kensington, a small parking space in a private car park can fetch £190,000.

While ridiculous spots – depicting cars barely squeezing into allocated spaces – still fetch a whopping £70,000.

London was revealed earlier this week as the most difficult place for young people to climb the property ladder.

The real estate website Rightmove looked at average asking prices for typical starter homes with up to two bedrooms in 60 major metropolitan locations.

The study made several assumptions, including that first-time buyers had a 10 percent down payment and would pay back their mortgage in 25 years.

Within the capital, the average monthly mortgage payment for a first-time buyer was set at £2,533.

Meanwhile, the average asking price for a typical starter home in the cheapest city – Bradford – is £104,643, which could lead to monthly mortgage payments of around £521.

And even the second most expensive city, St Albans, had average monthly mortgage payments calculated at £1,958 – nearly £600 less than London.

Alarming figures revealed in January expose the scale of Britain’s looming mortgage crisis amid fears that a generation will be locked out of the housing market and that those living in London will have to save for more than 15 years to get on. to get up the ladder.

It found that the average first-time buyer now spends nearly two-fifths of their income on their mortgage, close to the level last seen at the start of the financial crisis.

A new homeowner typically spends 39 percent of their monthly income on their mortgage payments, compared to an average of 29 percent over the past decade.

The last time mortgage payments accounted for such a large part of the household budget was in 2007, when mortgage payments typically accounted for 45 percent of income.

London has the largest gap between the most and least affordable local authorities in the country, the Nationwide Building Society report found.

The borough of Westminster is the least affordable authority in the UK, Nationwide found, where the typical starter home costs 15.6 times the average income in the area.