Almost half (48%) of UK drivers pay more than £360 a year to park while at work, a survey by leasing company Leasing Options has found.
The research asked 2,000 drivers to disclose how much they spend on parking while at work, with 80% of respondents paying for it out of their own pocket.
The study included an examination of the cost of nine hours’ parking in 10 of the highest populated UK cities, with London being the most expensive city to park a car, with the cost of a nine-hour stay in Trafalger Square £40.25 - almost 170% higher than the average across all other cities.
More than half (56%) of London employees looking to pay for a month’s parking in one go could pay £30 or more, with an 16% paying more than £90.
East Anglia (66%), North East (72%) and South East (74%) residents pay the least for parking per month, with the majority of drivers paying less than £30 a month when parking for work.
Mike Thompson, brand manager at Leasing Options, said: “This new research has really highlighted the huge cost of parking for drivers, although certain regions seem luckier than others when it comes to the monthly cost of driving to work.
"We hope the results of this study will demonstrate just how much employees are shelling out for parking, and encourage them to shop around for car park providers and locations that will save them money.
“Our research found that drivers who are happy to park slightly further away from their workplace can certainly save money if they are willing to walk.”
The average cost of parking in the 10 largest UK cities (based on the prices at four car parks for a nine-hour stay beftween 8.30am and 5.30pm):
- London (Trafalgar Square) - £40.25
- Glasgow - £20.50
- Manchester - £18.13
- Leeds - £17.63
- Liverpool - £16.43
- Edinburgh - £16.38
- Leicester - £14.75
- Bristol - £12.75
- Sheffield - £12.50
- Birmingham - £5.20