Residents Could Earn Over £200 a Month By Renting Their Driveway

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New figures show H&F is London's fifth top earning borough


Off street parking. Picture: Google Streetview

Residents of Hammersmith & Fulham could be earning over £200 a month by renting out their driveway or parking space.

Our borough was in the top five earners in London, according to new figures from YourParkingSpace.

The figures claim that local residents could earn an average of £203 a month, or £244.46 a year.

The figures show that empty driveways, garages and secure parking spaces made more than £1,000 for their owners in 30 boroughs across the capital over the last year, with Kensington and Chelsea taking the top spot with an average of £3,719 per year.

It was closely followed by Camden and Westminster where residents in each borough are also earning tidy sums of more than £3,000 per year on average, with Islington and H&F close behind.

London boroughs (average earnings with YourParkingSpace.co.uk)

Borough	Monthly	Annual
Kensington and Chelsea	£309.93	£3,719.12
Camden	£301.12	£3,613.44
Westminster	£271.95	£3,263.39
Islington	£214.50	£2,574.03
Hammersmith and Fulham	£203.89	£2,446.69
Richmond Upon Thames	£191.90	£2,302.77
Tower Hamlets	£162.74	£1,952.87
Wandsworth	£139.48	£1,673.78
Brent	£137.16	£1,645.98
Lewisham	£136.23	£1,634.76
Southwark	£134.45	£1,613.41
Greenwich	£132.01	£1,584.08
Haringey	£128.35	£1,540.15
Croydon	£124.11	£1,489.31
Sutton	£123.69	£1,484.24
Waltham Forest	£121.40	£1,456.74
Hackney	£120.42	£1,445.07
Lambeth	£120.03	£1,440.31
Ealing	£119.50	£1,434.01
Redbridge	£115.76	£1,389.16
Harrow	£114.91	£1,378.87
Newham	£114.72	£1,376.60
Bromley	£114.15	£1,369.80
Kingston Upon Thames	£107.60	£1,291.16
Barking and Dagenham	£101.24	£1,214.82
Barnet	£94.36	£1,132.34
Hounslow	£89.02	£1,068.29
Bexley	£88.51	£1,062.14
Enfield	£84.60	£1,015.14
Havering	£79.53	£954.41
Hillingdon	£73.50	£882.01

Harrison Woods, managing director at YourParkingSpace.co.uk, said: “Renting out a driveway provides a steady stream of additional income for thousands of Londoners.

“It's also very encouraging to see that driveways and empty parking spaces in the lowest placed borough in our London driveway league table, Hillingdon, can still make more than £800 for their owners, showing that there is always a demand for this parking service.”

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

Only recently research by YourParkingSpace.co.uk also found that, following the introduction of the ULEZ, it recorded a surge in homeowners close to the ULEZ registering their driveways to rent.

Bookings for driveways also increased on the outskirts of London, indicating that the ULEZ is working and that motorists are increasingly turning to public transport to enter the centre of the city.

Mr Woods 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, so there's nothing to lose.

"Indeed, homeowners across London are now 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."

 

June 19, 2019