This house in Biggleswade costs the same as a garage in London

The lockup 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 Biggleswade £670,000 will buy you this beautiful four-bedroom extended period home complete with its own orangery and situated down a private gated drive in Shortmead Street and you would have £35,000 to spare.

The property, which is on the market with Fine & Country Estate Agents, is located a short walk from the town centre and train station.

The original home has been extended to include a stunning living room which opens to the orangery and dining room. There are two further reception rooms, a study and a kitchen breakfast room. Upstairs the four bedrooms are served by an en suite and large refitted family bathroom. The garden is enclosed and offers a high degree of privacy. To the front there is a barn which could be converted into additional accommodation or an annexe.

The London 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 Biggleswade will set you back around £165,000 - the price of a property at Blunham Road.

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