New research from comparethemarket.com analysed data from 47 UK councils, and found that the most expensive London borough to park in is the City of London, where parking in the Barbican Estate will set residents back by £1,420 per year.

The most expensive individual parking permits in London

Following the City of London in second place is Islington’s ‘M’ category permit for vehicles with emissions of over 256g/km at £490 per year for residential parking. Taking third place is Camden’s ‘Tariff 4’ permit, for vehicles with emissions over 225g/km at £475 annually for residential parking.

The most expensive boroughs for parking permit costs (on average)

When looking at the average cost of a parking permit in different areas of London, it was revealed that the most expensive London borough for residential parking is the City of London, at a cost of £1,420 on average. This was followed by Camden, with residents paying £258 per year on average for residential parking.

Dan Hutson, head of motor at comparethemarket.com commented on the findings:

“Paying up to £750 for a residential parking permit is a lot of money. While those who live in busy cities and towns might not have a choice but to buy a parking permit, it is worth remembering that it’s common for car insurers to ask where your vehicle is parked because it can increase the risk of theft or damage. Parking on the street outside your home can, in some cases, increase your insurance premium if providers consider the area exposed to higher risk.”