This house in Lancaster costs almost the same as a garage in London

The lock-up is sandwiched between two large homes near the River Thames in Chelsea, south-west London.

Chris Coleman-Smith, from Savills Auctions, said: “It is like a little oasis in Chelsea. It is a fantastic spot, north of Cheyne Walk and south of the Kings Road.”

The auction house, which described the garage as being in “the best part of Chelsea”, gave it a guide price of £525,000 - two-and-a-half times the price of the average home in England and Wales.

Bidding quickly exceeded the estimate as investors battled it out to get their hands on the 332 sq/ft garage.

The new owner, a London-based phone bidder, managed to outbid a number of people with a final offer of £670,000 for the garage.

In Lancaster £675,000 will buy you this impressive, five bedroomed, detached Victorian house in Burrow Heights Lane which boasts three reception rooms, a well-presented interior with many period features, extensive gardens, two Victorian summerhouses aand three garages.

The garage sale is - only slightly - less staggering when you consider that the current owner has secured planning permission to convert it into a one-bedroom home.

One bedroom flats in Lancaster start at around £50,000.

Previously, a garage in Stoke Newington, London, sold for £309,000 against a guide price of £160,000.

For that price in Lancaster you could buy a four-bedroomed house in New Quay Road.

On top of the £670,000 spent on the garage, the new owner will also have to pay £23,500 in stamp duty.