Growing number make extra cash from their outdoor space
Homeowners in Hammersmith and Fulham are finding a new way of making extra cash from their properties, by renting out their driveways.
And according to new figures released by peer-to-peer parking website JustPark homeowners have already made over £575,000 by letting others use their outside space.
The site says over 40% more parking spaces now as compared to this time last year, taking the total in the borough to over 200.
The number of driveway bookings in Hammersmith and Fulham has also grown in the last 12 months - increasing by over 60%, as driveway rental becomes more and more popular as a cheaper alternative to overpriced public car parking.
The average Hammersmith and Fulham driveway on JustPark is advertised at £12 per day. However, driveway owners living closer to local amenities such as Stamford Bridge, Fulham Broadway and Imperial Wharf stations are charging considerably more - with drivers willing to pay up to £40 per day for a convenient space.
From April next year, homeowners will also pay no tax on earnings made this way- up to £1,000 per year - thanks to the new ‘sharing economy’ tax breaks for property-related income announced in George Osborne’s most recent Budget in March.
JustPark founder Anthony Eskinazi says: " It’s really encouraging to see the government supporting micro-entrepreneurs with this new legislation. These families and individuals are resourceful enough to be making a bit of extra money from their property, and are offering an important service at the same time - in this case, cheaper parking for drivers in Hammersmith and Fulham.
" By unlocking these spaces that are otherwise underused - and allowing people to reserve them online, usually at a much reduced rate - JustPark is saving drivers money and putting it back into the pockets of local residents."
Homeowners and drivers in Hammersmith and Fulham can view the going rates for a local driveway space here.
And to see how much your empty driveway could be worth, check out JustPark’s rental price guide here.
May 6, 2016
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