A car park space has been put on the market for £350,000, almost double the average price of a UK property.

The space is located next to Hyde Park in London, at one of the most sought after addresses in the Capital. The space itself measures 19.5ft by 8ft, just large enough for one car to be parked. Hyde Park Gardens is close to Marble Arch and Lancaster Gate underground stations. The space is available on lease, which has 88 years left.

Renting out car parking is one of the methods suggested as a means of raising money, and people who earn extra income by doing this will have an extra £1,000 personal allowance, according to the Budget announced earlier in March.

However, according to the managing director of YourParkingSpace.co.uk, Harrison Woods, the price of the car space is “eye watering”. He added that renting out the most expensive space in Westminster listed on the website for 50 years would still cost far less than the space currently on the market.

Securing a mortgage on the car parking space may be a problem, although commercial funding may be feasible if the owner intended to rent out the space. Although a CeMAP qualified mortgage adviser will be able to help buyers find a suitable mortgage, borrowing money to buy a car parking space may not be possible for many. The property website Zoopla, lists an average property in Hyde Park Gardens as being £1,175,557, an increase of £50,000.