Parking in London: Local residents make thousands from renting drives

Homeowners in London can make thousands a year by renting out their driveways, it turns out.

YourParkingSpace.co.uk has announced that city residents make £ 2,212 a year by letting others use their parking spaces.

YourParkingSpace.co.uk also says the demand for parking on rented driveways remains strong across all parts of the UK despite unprecedented times.

The latest analysis from online parking platform YourParkingSpace.co.uk shows that homeowners across the country make an average of more than £ 500 a year renting driveways, with many making significantly more.

At the top of the entrance spectrum are homeowners in London, Edinburgh, Bristol, Leeds, Manchester, Cardiff and Birmingham who make on average more than £ 1,000 a year from their empty space.

Those a little further down the moneymaking scale include residents of Swindon, Salford, Dudley and Gloucester, where the average annual additional income of more than £ 750 is earned by offering a rental driveway.

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Meanwhile, homeowners, including those in Dundee, Oldham, Newport and Sunderland, are still making an average of more than £ 600 a year from their vacant space – further underscoring the proliferation of cities where rental driveway income is more than prove valuable opportunity.

Harrison Woods, CEO of YourParkingSpace.co.uk, said: “It is very encouraging to see homeowners across the UK making significant sums of money by renting out their driveways to drivers who need parking.

“If there is an empty driveway, garage or residential parking space away from the street near a sports or music venue, close to shops or nearby public transport, bookings are particularly popular, regardless of the city.”