Congestion charging is likely to add to demand for parking spaces in areas such as those on the fringes of the West End and the City, as more people drive to the periphery of the zone to park.

Not only will property values rise in the boundary zones as new transport links develop but homeowners will be able to profit from renting out car parking spaces.

As we reported recently, ministers are examining a new windfall tax on properties that increase in value because of new rail services nearby. Hundreds of thousands of householders could end up contributing to the costs, which would be applied through the rates. Renting out parking spaces could provide a return income.

London estate agents are already finding that congestion charging is putting parking higher than ever on buyers' list of priorities and parking space is now a very valuable commodity in key areas. Demand is already outstripping supply.

Landlords with properties inside the parking zone are also benefiting because a property inside the zone with a parking space and a resident's discount could be worth as much as £1,170 more per year to a tenant with a car.

Homeowners living in areas well outside the parking zone may also benefit. The value of parking space in areas at the end of tube lines should also increase as some long-distance commuters will park on the outskirts and take public transport to avoid the charge.