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Hourly parking in London costs more than the National Living Wage, it has been revealed.

The average hourly parking rate in the capital is £8.44, 18 per cent more than the minimum wage even after it was increased to £7.50 in the chancellor’s Autumn Statement.

New York is the only world city where it is more expensive to park your car other than London, according to research by transport app Ubeeqo.

Islington tops the rankings for the costliest London borough, with the average cost of a yearly permit £545.

But South Kensington stakes a claim for the most expensive parking space ever sold in the UK – at an eye-watering £480,000.

However, research found a parking space in central Manhattan sold for $1 million.

Henrik Jensen, UK Managing Director of Ubeeqo said: “Either way you look at it, parking in London is alarmingly expensive.

“Here at Ubeeqo we anticipate that prices will continue to rise and this is where we can help by offering a range of different mobility solutions including short-term and long-term car hire and fleet management which can help you avoid these sky high costs and park for shorter periods."