The value of parking space in London – centreforlondon.org

Parking spaces serve the needs of a wide range of users, including residents, workers, shoppers, visitors, delivery drivers, taxis, and private hire passengers. However, they also reduce space for pavements, cycle lanes, and other social and environmental features such as benches or microparks. Car owners may pay for the privilege of parking – in the form of short-stay parking spaces and residential parking permits – but are they paying a fair price?
There are a number of ways that this question can be approached. Often-quoted international examples have focused on the costs of building and operating multi-storey parking structures, the added costs of providing parking in new buildings, and the potential reduction in available space for more affordable housing or other amenities. 21 Other investigations have focused on quantifying the environmental costs arising from increased parking provision. 22 However, there is little empirical evidence from London and the UK on the matter. To answer this question in a London context, this chapter considers a number of alternative approaches to pricing an on-street residential parking space.