The latest research by London lettings and estate agent, Benham and Reeves, has revealed that Newham is London’s parking ticket property hotspot, with annual revenues through issued parking tickets enough to purchase 28 homes in the borough.
The analysis by Benham and Reeves found that with 239,000 parking tickets issued equating to 655 per day, Newham Council pulled in revenues to the tune of £10,625,600 in a single year. With the average property valued at £382,016 in the borough, that’s enough to purchase 28 homes – by far the most of any London borough.
Haringey ranked second with 137,415 PCNs issued over the course of a year hitting £9.9m in parking ticket revenues, enough to purchase 18 homes at the average price of £561,253 in the borough.
In Ealing, the 157,759 annual parking tickets issued are enough to purchase 17 homes at the average house price of £504,519.
Redbridge and Enfield also ranked within the top five, with both boroughs seeing parking ticket revenues over the course of the year climb to £6.5m and £6.1m respectively, enough to purchase 14 homes in each borough.
Other boroughs to make the top 10 include Bexley (12), Lambeth (11), Brent (10), Waltham Forest (9) and Hounslow (8), where well over 100,000 parking tickets were issued in a year providing revenues of between £3.6m and £4.3m.
Director of Benham and Reeves, Marc von Grundherr, commented:
“Parking in London is a very contentious issue and residents and visitors alike consistently find themselves out of pocket due to receiving tickets for all manner of violations.
The notoriety of London’s parking attendants is clear, with millions of tickets issued in a single year pulling in some eye-watering revenues. When you consider that in some boroughs this is enough to purchase a whole street’s worth of homes, sometimes more, it really does put it into perspective.
It’s also an issue that will see many pay hundreds of thousands of pounds for a parking space alone, with many prime buyers paying more than most would for the average home for the privilege of a parking space.”
|Table shows the top 10 London boroughs where you can buy the most homes at the current average house price based on revenues made by the council from parking tickets|
|London Borough||Number of PCN||Revenue (annual to Aug 2020)||Ave fine issued||Ave number of fines issued per day||Ave House Price||Number of homes purchased based on PCN revenue|
|Source||Compare the Market||Gov.uk – UK House Price Index|
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