Empty driveways in London can earn their homeowners up to £5,860 per year, with the first £1,000 tax-free, making them some of the highest earning driveways in the UK, data from parking app firm JustPark has found.
According to Direct Line Car Insurance, 3.5 million Britons are renting out their parking space and across the UK driveways are collectively earning over £3.8 billion annually.
Most valuable driveways across the country:
London £5,860
Brighton & Hove £4,190
Oxford £3,300
Edinburgh £3,020Manchester £2,030
Highest earning local authorities:
Westminster £5,860
Lambeth £5,150
Southwark £4,490
Hammersmith & Fulham £4,330
Highest earning driveway outside of London
Brighton & Hove £4,190
This is in comparison to driveways across the country that earn between £360 and £1,800.
JustPark CEO, Anthony Eskinazi, said: “Driveways are under-utilised resource for homeowners and our new data from the top space owners in London reinforces our core proposition – that renting out driveways and parking spaces can be very lucrative. We have witnessed the peer-to-peer parking market grow 50 times over in the last 5 years. The numbers speak for themselves – we now have over 2.4 million registered drivers across the country and are acquiring 150,000 new users per month, which is a testament to the demand.
“Driveway rental also provides a boost for the local area and economy. Utilising these empty spaces provides much-needed spots for visiting drivers to park in, while also putting money back into the pockets of local people. It’s a win-win arrangement.”
Adrian Borell, 36, a JustPark driveway owner in Westminster, who has earned £30,000 since 2014, said: “I travel a lot for work, so often my driveway is sat empty for days at a time. I heard about JustPark via a friend and have never looked back. Getting set-up is very simple, as the app processes all the bookings and payments. I would tell anyone with an empty to drive to look into it.”
As with all properties, space is extremely invaluable and it is vital that homeowners are making best use of it.
