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Could you earn £1,000 a year renting out your driveway?

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11/05/2016
Homeowners in London, Leeds and Bristol are bringing in the most cash by renting out their empty driveways.

According to new research by online parking marketplace YourParkingSpace.co.uk, residents in the capital topped the list, earning on average £2,172 per year.

Homeowners in 34 other towns or cities across the country all made an average of more than £1,000 per year.

The findings suggest average driveway rental income earnt in Leeds has increased by over 30 per cent since 2013, by nearly 20 percent in Brighton and by more than 20 percent in Glasgow.

“Renting a driveway, garage or secure parking space is an easy, simple and potentially lucrative way for homeowners and businesses to earn some extra income,” said Harrison Woods, managing director of YourParkingSpace.co.uk.

“If your home is near to local amenities such as a train station or sporting venue, it certainly boosts the earning potential of a parking space, but as our analysis shows, it’s possible to earn a significant amount in all parts of the UK.”

In London, the borough of Westminster offered residents the highest earning potential at £4,371 per year, closely followed by Kensington and Chelsea at £4,090, Islington at £3,030 and Hammersmith and Fulham at £2,483.

Top 10 UK Towns and Cities (average earnings per year)

  1. London £2,172
  2. Leeds £1,762
  3. Bristol £1,711
  4. Brighton £1,661
  5. Cambridge £1,614
  6. Oxford £1,601
  7. Glasgow £1,536
  8. Cardiff £1,493
  9. Newcastle upon Tyne £1,471
  10. Birmingham £1,462

Top 10 London Boroughs (average earnings per year)

  1. Westminster £4,371
  2. Kensington and Chelsea £4,090
  3. Islington £3,030
  4. Hammersmith and Fulham £2,483
  5. Southwark £2,242
  6. Wandsworth £2,165
  7. Richmond Upon Thames £2,051
  8. Hackney £1,935
  9. Tower Hamlets £1,900
  10. Lambeth £1,892

Free parking: top tips for renting out your driveway

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