UK’s driveway income hotspots

by Property118.com News Team

11:46 AM, 29th May 2019
About 2 years ago

UK’s driveway income hotspots

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UK’s driveway income hotspots

The UK’s towns and cities where homeowners are making the most money by renting out their driveways as parking spaces have been revealed by online parking portal YourParkingSpace.co.uk. Its research shows that empty driveways, garages and secure parking spaces made more than £1,000 for their owners in 25 cities and towns across the UK over the last year, with London taking the top spot with an average of £2,254 per year.

The UK’s capital was followed by Brighton, Leeds, Bristol and Oxford where residents are earning tidy sums of more than £1,600 per year on average with YourParkingSpace.co.uk.

Scotland’s two largest cities, Glasgow and Edinburgh, both also made an appearance in the top 10, while Belfast finished in eleventh place and Cardiff in fifteenth position.

Driveways and empty spaces close to local amenities, train stations, music venues, sports stadiums and airports are in particular demand.

Harrison Woods, managing director at YourParkingSpace.co.uk, said: “Renting out a driveway provides a steady stream of additional income for thousands of households across the UK. It’s very encouraging to see that the top earning towns and cities are spread across the country, offering money making opportunities to countless Brits who own a driveway or empty parking space.”

The YourParkingSpace.co.uk league table lists the top 50 towns and cities for their driveway earnings. Even those placed further down, including Kingston upon Hull, Barnsley, Swansea, Wigan and Sunderland, are still making more than £700 per year on average.

Harrison added: “I would encourage homeowners with an empty driveway to register it for renting as soon as possible and see how much money they can make from it. It doesn’t cost anything to list a driveway with YourParkingSpace.co.uk, so there’s nothing to lose.

“Indeed, homeowners are making significant sums from a previously overlooked asset right on their doorstep – their driveway. It really is one of the easiest ways to make some extra money.”

For more information about renting out a driveway, garage or secure parking space, or listing a driveway to rent, visit www.yourparkingspace.co.uk

Top 50 UK Towns and Cities (average earnings with YourParkingSpace.co.uk)

Town/City Monthly Annual
London £187.86 £2,254.32
Brighton £153.26 £1,839.14
Leeds £146.92 £1,763.00
Bristol £137.28 £1,647.40
Oxford £135.40 £1,624.74
Glasgow £128.02 £1,536.21
Liverpool £121.71 £1,460.55
Reading £121.55 £1,458.65
Cambridge £120.03 £1,440.34
Edinburgh £119.58 £1,434.92
Belfast £112.61 £1,351.26
Aberdeen £111.47 £1,337.69
Birmingham £105.82 £1,269.89
Luton £105.37 £1,264.47
Cardiff £102.65 £1,231.79
Leicester £100.23 £1,202.77
Manchester £99.70 £1,196.39
Nottingham £99.13 £1,189.62
Bournemouth £98.04 £1,176.47
Exeter £91.71 £1,100.53
Milton Keynes £91.50 £1,097.95
Sheffield £88.94 £1,067.31
Southampton £86.69 £1,040.32
Doncaster £84.76 £1,017.14
Wolverhampton £83.93 £1,007.10
Plymouth £83.12 £997.47
Watford £82.58 £990.96
Stockport £82.41 £988.93
Swindon £81.82 £981.88
Newcastle upon Tyne £81.26 £975.10
Rotherham £80.04 £960.45
Gloucester £79.82 £957.88
Salford £78.29 £939.44
Derby £78.06 £936.72
Dundee £75.26 £903.14
Coventry £73.68 £884.11
Rochdale £72.86 £874.35
Walsall £72.21 £866.48
Dudley £71.34 £856.04
Wakefield £70.08 £840.99
Bradford £69.90 £838.82
Stoke on Trent £69.02 £828.24
Middlesbrough £68.13 £817.53
Bolton £66.92 £803.02
Sunderland £64.96 £779.56
Wigan £64.81 £777.67
Swansea £63.96 £767.50
Barnsley £63.81 £765.73
Kingston upon Hull £59.08 £708.92
Oldham £57.81 £693.73

 


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Comments

Neil Patterson

11:48 AM, 29th May 2019
About 2 years ago

Interesting. I wonder how many tenants do this and if it affects insurance in anyway.

Jason McClean

12:04 PM, 30th May 2019
About 2 years ago

Hi Neil

Shouldn't make any difference as most policies that I am aware of do not have wording prohibiting this sort of activity.

If the car damages the property, then the claim will come off the car insurer, not the property insurance.

It may be construed as some sort of sublet, however, which needs disclosing to the insurer. Anyone doing this should tell their landlord who should disclose to insurer, just to be on the safe side.

Best

Jason


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