In the latest remarkable deal from London's property market, a small garage in upmarket Chelsea has been sold for more than twice the price of an average UK home.

The garage, which has just 146 sq/ft of space, was put up for sale by Savills Auctions last week in London with a guide price of £180,000.

It has an electric 'up and over' metal door and a security bollard to stop someone breaking in and driving off in the car parked inside.

Due to the chronic shortage of parking in the Royal Borough of Kensington and Chelsea, it ended up selling to an online bidder for £360,000 - almost twice the average price of a home in England.

There are perks to this buy, however; the garage is just a short walk from South Kensington Tube station and Albert Museum.

Head of Savills auctions, Chris Coleman-Smith, said the average price of property in the SW3 postcode is about £2.4 million.

    "Chelsea is an affluent residential area with a chronic lack of off-street parking, so we expected the garage at Crescent Place to attract a lot of interest. For local residents who have invested in cars as well as their homes, the chance to buy a well located, secure garage simply couldn’t be missed".

Earlier this month, a parking space near Hyde Park with just 88 years left on its lease fetched a staggering £350,000.

The price is believed to be a record for a single garage which will be used for its intended purposes.

Larger lockups have sold for more, but they were for their development potential.