Article from Mail Online – 21st August 2013
Boom in number of homeowners renting out their driveways: Figures reveal some savvy residents are making £2,500 a year.
• Average homeowner could earn £1000 a year renting their driveway to strangers
• In the capital that doubles to £2,040 a year
• Manchester, Edinburgh, Nottingham and Brighton make up the top 5 best places to makes some extra cash.
Savvy homeowners are making more than £2,500 a year by renting out their driveways, new figures have revealed.
And the average resident using their personal parking space as a money spinner is earning around £1,000 a year.
In the capital the rewards are even higher with London residents earning an average of £2,040 a year and locals in the affluent borough of Kensington and Chelsea making £2,517.
The second biggest earning city is Manchester, with money-minded residents bringing in £1,492 a year – ahead of Edinburgh on £1,462.
Asset management: Homeowners who don’t using their driveways are cashing in on their hidden potential by renting them out as parking spaces to others.
Making up the top five cities are Nottingham where the average is £1,447 and Brighton just behind at £1,390.
The figures released today come on the back of an announcement from communities secretary Eric Pickles, a keen supporter of similar schemes. In recent months councils have threatened residents who rent their driveways out without telling their local authorities first.
But Mr Pickles says councils should also be welcoming this ‘common sense’ way of people making the most of what they’ve got instead of penalising them.
The research was carried out by website YourParkingSpace.co.uk, which advertises peoples’ driveways to those looking to save money on costly car park fees.
Support: Community Secretary Eric Pickles has spoken out in favour of the trend and says homeowners should be allowed to use their property to make extra money if they wish.
There are currently more than 20,000 parking spaces registered on the site across 10,000 individual locations in the UK, hiring out spare driveways, parking spaces and garages. Charles Cridland, founder of YourParkingSpace.co.uk, said: ‘Renting a driveway, garage or secure parking space is an easy, simple and potentially lucrative way for homeowners to earn some extra income. ‘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 is possible to earn a significant amount in all parts of the UK.’ Although unsurprisingly the highest rents are reserved for the wealthier parts of Londond the figures show there are still 23 towns from Plymouth to Aberdeen where residents make more than £1,000 a year.
In Telford, which took the final spot in the website’s top 50 league table, residents earn on £612 on average by renting out a parking space. Mr Cridland added: ‘A number of English councils have recently revealed the vast surpluses they are making from parking charges ‘By registering your driveway or garage on YourParkingSpace.co.uk, homeowners have the opportunity to take a slice of this money.’ The research follows news that one wealthy homeowner in Hyde Park, London is selling their parking space for a staggering £300,000 – almost twice the average home price.
Read more: https://www.dailymail.co.uk/news/article-2398441/Boom-number-homeowners-renting-driveways-Figures-reveal-savvy-residents-making-2-500-year.html#ixzz2cbU0Jlag
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