Summary:
A parking space in a seaside town is expected to sell for £55,000 - more than twice the county's annual wage.

Full article:
By . Daily Mail Reporter . PUBLISHED: . 00:40 EST, 27 August 2012 . | . UPDATED: . 03:41 EST, 27 August 2012 . There's barely enough room to swing a cat, it has no roof and it wouldn't make for a comfortable night's sleep. But at £55,000, it could be a steal. If it wasn't just a parking space, that is. The asking price for the meagre piece of real estate in the cramped seaside town of St Ives, Cornwall, is more than twice the county's annual wage. Not much bang for your buck: This parking space is expected to sell for an incredible £55,000 . Estate agent Paul Le Bas described the race for a place to park as a 'dog fight'. Located on Tregenna Hill, it is expected to be bought by a second home owner. Deputy mayor of St Ives, Cllr Colin Nicholls, said: 'There's only a certain type of person that wants to pay all that, but it seems to me like a dinner party accessory. People are buying them to be able to say that because they are awash with money.' Two years ago, another parking space in the town went for £60,000 and one three years before that sold for £24,000. But it still pales in comparison with the $1million parking space that went on the market in New York earlier this year. Buying that would be equivalent to paying a $115 ticket for illegal parking every day for 24 years. Cramped: Estate agent Paul Le Bas described the race for a place to park in St Ives (above) as a 'dog fight'