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Make Your Driveway Earn Its Keep

By raccars Published

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Home owners are catching on to a smart idea to help them make money while addressing Britain's continual parking shortage issue. If your house is in the right location, you could charge up to £2,500 per year to rent it out.

The average income from renting out parking space is currently £1,000 annually, but that figure doubles for London residents at £2,040 per year and up to £2,517 for the upmarket Kensington and Chelsea areas, according to a recent survey. Westminster residents can earn £2,412 from their parking spaces, followed by Hammersmith and Fulham, with £2,376, Wandsworth at £2,232 and Camden residents earning a potential £2,220 from parking rental.

Elsewhere in the country, Manchester comes next, with private parking space rental earning residents an average £1,492 per year, followed by Edinburgh, with an average parking rental income of £1,462. Nottingham at £1,447 and Brighton at £1,390 round out the top five parking moneyspinning locations. Leeds is in sixth place with average yearly earning of £1,325, then Bristol with £1,320, Glasgow is eighth with £1,260, Liverpool ninth at £1,248 and Reading the tenth highest driveway earner at £1,224.

After some controversy with local councils objecting to the driveway rental scheme, communities secretary, Eric Pickles, has voiced his support and suggested councils do the same, praising the 'common sense' idea.

The idea has gathered ground thanks to a shortage of parking in high traffic areas leading to home owners with space on the driveway, in the garage or even private street parking, offering the space for a fee to those who need parking in the area. There are even dedicated websites to help the needy drivers find appropriate spaces. Spaces near amenities such as train stations may be rented out on a daily basis, while others come in useful for events, such as near sporting venues.

Outside the top five earners, 23 other towns spread throughout the country have residents who are making at least £1,000 every year by renting out their available parking space. Even the destination in 50th place on the list, Telford, makes its residents an average £612, should they be in a position to rent out parking space.

Such is the scale of the parking problem in the UK that one Hyde Park resident recently hit the news for offering a parking space for sale at £300,000, which is almost double the average price of a home in Britain.

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