Residents Could Earn Over £100 a Month From Their Driveway

Increasing number being rented out for parking in Putney and across Wandsworth


Off street parking. Picture: Google Streetview

A survey done by a company that enables residents to rent out their driveway or other parking space claims to show that a revenue of over a £100 a month could be obtained by residents of Wandsworth borough.

It is anticipated that revenue from this source could increase significantly for parking spaces outside the South Circular when the Ultra Low Emission Zone (ULEZ), is introduced in 2021 as well from commuters wanting to park near the railway station to save on rail fares.

The report by YourParkingSpace.co.uk shows 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. Wandsworth came in the top ten areas and they say £1,673 can be made.

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

Merton

£139.96

£1,679.46

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 with YourParkingSpace.co.uk, 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.”

Concerns are being raised about the increased number of applications for crossovers by residents of the borough. It is feared that by paving over front gardens to allow cars to be parked off street to avoid increasing resident parking charges there may be a negative effect on the environment.

June 12, 2019