A one-car garage in London has been put up for sale with an asking price of $525,000, more than double the average paid by first-time homebuyers.
"Parking can be tricky, and if you have a nice toy, some people inevitably want to put it in a garage," he said.
Mark Grantham, of the Web site 24/7 Parking, said there is a finite supply of garages in London "and demand will continue to increase."
Meanwhile, the Council of Mortgage Lenders says the average cost of a first-time buyer's home in England is $230,000.
