If you’re lucky enough to own a home with a spare space on the driveway, you could be missing out on a valuable source of income!
A survey has revealed today that the homeowners with unused space on their driveways could be earning as much as £2,500 a year by renting it out, depending on their location.
Somewhat unsurprisingly, London is the place where driveways are at their most valuable, with parking spaces going for around £2,040 a year on average.
However, in Kensington and Chelsea, one of the most desirable property locations in the country, some homeowners are making as much as £2,517 annually by renting out their driveways.
Manchester proved to be the second most profitable city in the UK to rent out a driveway, with annual premiums coming in at an average of £1,492.
Edinburgh, Nottingham and Brighton round out the top five, but the results show that there are 23 towns throughout the country in which you can still earn more than the average figure of £1,000 a year by renting out a parking space.
“Renting a driveway, garage or secure parking space is an easy, simple and potentially lucrative way for homeowners to earn some extra income,” says Charles Cridland, founder of YourParkingSpace.co.uk, which carried out the research.
The results of the study will be welcomed by Eric Pickles, the Communities Secretary.
He’s a staunch supporter of those who choose to rent out their driveways, and has taken a stance against some local authorities on the issue.
Councils have, in recent months, threatened some residents who’ve chosen to let out their driveways without informing them.
But Mr Pickles thinks that they should be supporting what he calls a “common sense” way of bumping up household income.