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