As if any more evidence were needed that the roads are getting more and more crowded, and the competition for parking even more fierce, a single bay parking space in London has gone on sale for an eye-watering £75,000.

Located on Westbridge Road in Battersea SW11, the space is located at the rear of the vendor’s property, and is simply that, with no garage or other form of secure or sheltered parking offered for the asking price.

Competition for parking in the local area has prompted the sky-high asking price, despite the fact that a residents' parking permit in the area costs just £140 a year.

Parking meters in the area only allow for a maximum of four hours parking at a time, increasingly the desirability of the private space.

The bay is within walking distance of both the River Thames and Battersea Park, and is close to transport links to Central London.

While the space’s £75,000 price tag may seem reasonable in context of the hyper-inflated property prices of the Capital, it is enough to buy a 2-3 bedroom terraced house in inner city areas of Birmingham and Manchester.

Alternatively, you could splash the cash on a brand new Porsche 911 Carrera, a positive bargain at £73,413.