London parking earns homeowners a premium

Londoners are earning more than £2,000 from renting out their secure parking spaces, with residents in 24 other cities also earning on average more than £1,000.

This is according to research carried out by online parking portal YourParkingSpace.co.uk.

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 11th place and Cardiff in 15th 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.’

Even those placed further down, including Kingston upon Hull, Barnsley, Swansea, Wigan and Sunderland, are still making more than £700 per year on average.