Do you have a driveway? If so, it could earn you some extra cash!

New research finds UK homeowners are earning an extra £1,000 per year for driveway renting

 

New research from YourParkingSpace.co.uk, suggests that homeowners in major UK cities and towns, are earning more than £1,000 per year by renting out their driveways to commuters.

Despite the practice being frowned upon by local authorities, homeowners across the UK are taking the risk and renting out their empty driveways to commuters who need somewhere to park their vehicle in busy towns and cities.

According to the study by YourParkingSpace.co.uk, homeowners are earning an average of £1,197 per year by renting out their unused driveways. As is to be expected, the average earning for driveways in London is much higher than the national average; those with an empty drive in Westminster are making up to £4,371 per year.

Photograph of residential driveway

Homeowners making money from their drives © Copyright Simon Carey and licensed for reuse under this Creative Commons Licence

 

However, homeowners in Leeds, Manchester, Cardiff, Edinburgh and 30 other major towns and cities, can also expect a healthy bonus, as figures show they can earn up to £1,000 a year for their empty driveway.

Excluding the much more lucrative London area, homeowners are charging motorists an average of £3per day for parking on their driveway.

Harrison Woods, of YourParkingSpace.co.uk, said: “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.”

However, as mentioned above, some local authorities are keen to stop the practice, as earning money from driveway renting can be considered a commercial venture. One female homeowner in Westminster, narrowly missed receiving a £20,000 fine from the council, after she rented her driveway out for a nice profit.

Those who want to go ahead with driveway renting are advised to do a bit of research beforehand, in order to avoid being hit with a hefty fine from an angry council.

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