BUYING a house in Renfrewshire will cost you less than a parking space in London, according to a new study. 

Figures released by estate agent Benham and Reeves show the cost of parking your motor in the capital will cost you nearly twice the price of the average property in the county. 

On average, car parking spots in London will set you back £218,871 and this is significantly more than the £120,754 you would fork out for a new home in Renfrewshire. 

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There are 176 locations across the UK from Northampton to Southampton, Cheshire to Aberdeenshire and more, that offer a foot on the home-owning ladder for less than it will cost you to purchase London parking space.

The worst boroughs for London homeowners looking to pay out for a parking spot are Lambeth, Islington and Camden, where the average price of a parking space is over £500,000. 

Director of Benham and Reeves, Marc von Grundherr, said: "If you think the London property can command some scandalous prices, parking spaces really can take the biscuit.

"As this data shows, it’s far from unheard of for people to spend millions on a car parking space which sounds insane, but if you buy a £20m house and have three Ferraris, you need somewhere to park them, and most are happy to pay way over the odds for this convenience.

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"However, this doesn’t just impact the capital’s very top end homeowners, it’s a problem across the board. If you move your growing family into a new three-bed with parking restrictions on the streets and no space to park in the development what are you supposed to do?

"As renting becomes an almost forced way of life across the capital this growing demand is bringing more and more tenants and a large majority want somewhere to park their car."

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