IT IS a familiar and frustrating scene for motorists in Central London — driving around the streets in search of a parking space.

Now drivers hoping to avoid the inconvenience are having to pay more than double the average cost of a first-time buyer’s home just to own a garage in Central London. A 20ft (6m) by 9ft freehold garage in Chelsea is for sale with an asking price of £300,000.

On average, first-time buyers pay £133,950 for a property, according to the Council of Mortgage Lenders.

Patrick Aschan, of Cluttons estate agency, Chelsea, which is selling the garage in Egerton Terrace, SW3, said that a shortage of places to park had produced an exponential rise in garage prices compared with house prices in recent years.

Mr Aschan said that lock-up garages rarely came on to the market because people preferred to keep them even if they were no longer needed.

He said: “Garages in Chelsea are as rare as hen’s teeth. It is quite a moment when one does come on the market, and it always produces a scramble from buyers.

“Garages make great long-term investments, although in the short term they will probably only see an average return of 5 per cent.”

Drivers hoping to buy a lock-up garage in one of London’s most expensive parking “hot spots” of St James’s, Green Park, Knightsbridge and Belgravia will have to pay more than £100,000, according to research conducted by a website, 24 7 Parking.

Mark Grantham, of the website, said: “Freehold, lock-up garages are particularly attractive because they are secure, and considered a stable investment. Lock-up garages are suitable for storage of all kinds — this adds to their value.”

This year bidding pushed the sale price of a double garage in Notting Hill, West London, to £240,000 — £100,000 more than the guide price. Developers have also been capitalising on the demand for parking. Spaces at The Knightsbridge, a development in Westminster, cost up to £175,000.

Linda Beaney, of the estate agent Beaney Pearce, said that parking spaces in developments in the most expensive areas of London cost between £40,000 and £75,000 each, and that in fringe areas of the city, a developer could ask £25,000.

She said: “Car parking prices have risen because of the diminishing supply dictated by planning consents. Chelsea residents are terribly reliant on residents’ parking, and it only takes a few suspended parking bays before residents are forced to park in neighbouring streets.”

GARAGE SALES

• A single garage in Chelsea is on sale for £300,000 through Cluttons
• A double garage in Notting Hill was sold for £240,000 by Savills
• The Knightsbridge development, London SW7, has spaces for sale through Savills: £150,000 (standard) and £175,000 (Rolls Royce)
• John D Wood & Co is selling spaces at York House Private Car Park, London W8, for £126,000
• Bective Leslie Marsh’s Kensington office has a 20ft x 9ft 4in garage in Allen Street, London SW7, for £112,500 on a 48-year lease
• Hamptons International sold a garage last year on Holland Park Avenue for £110,000
• Knight Frank is selling an underground parking space just off Kensington High Street for £95,000
• The Phillimores development, London W8, has parking spaces available through Hamptons for £85,000
• John D Wood & Co has just sold a garage on Dovehouse Street, Chelsea, for £70,000 on a 12-year lease