You are here: Home - Household Bills - News -

Kerb appeal: the areas where your driveway will earn the most

Written by: Paloma Kubiak
Homeowners across the UK are raking in hundreds of pounds a year by renting out their driveways.

It will come as no surprise that homeowners in London have a higher earning potential, with an average of £2,300 per year.

At the top end of the scale within the capital, residents in the borough of Kensington and Chelsea earn a staggering £3,700 per year on average by renting out a driveway, garage or secure parking space.

In second place is Brighton, with homeowners earning an average £151 per month or £1,800 a month.

In third place, it’s northern city Leeds where driveways earn homeowners an average of £145 a week or £1,700 a year.

According to the YourParkingSpace site, the top three cities stand in the same position as last year, while Oxford (£1,600 a year) has moved up four places to number four.

However, Manchester, Edinburgh and Cambridge have slipped down the league table, coming in sixth, seventh and eighth position respectively.

But YourParkingSpace said that even driveways at the lower end of the league table are still earning good money for owners.

For instance, residents of Wigan, placed at number 50, were still earning £637 per year on average.

Harrison Woods, managing director at YourParkingSpace, said: “More and more homeowners across the UK are significantly boosting their household income by renting out their driveway to motorists needing somewhere to park.

“It is particularly pleasing to see that money can be made from renting out a driveway in all parts of the UK. Demand will always be strong for driveways situated close to town and city centres, railway stations and transport hubs, sporting arenas and music venues.

“Parking on a pre-booked rented driveway is a win-win situation. It means additional income for the homeowner, while for the motorist it means no more parking worries.”

See YourMoney’s Could you earn £1,000 a year renting out your driveway? and Eight top ways to make money from your home for more information.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Drivers to be hit by spike in crude oil prices

News that President Trump has pulled the US out of the Iran nuclear deal could impact drivers, the RAC warns.