New data, released today by parking app JustPark, reveals that London driveways are amongst some of the highest earning in the UK, and can make homeowners with empty driveways up to £5,860 per year, with the first £1,000 tax-free.
The highest earning local authority is Westminster, where residents are earning as much as £5,860, followed by Lambeth (£5,150), Southwark (£4,490) and Hammersmith & Fulham (£4,330).
The local authority with the most valuable driveways outside of London is Brighton and Hove, where homeowners can earn up to £4,190 by renting out the space. When compared to other driveways across the country, where average annual earnings can range between £360 and £1,800, London driveways are now proven to be the most lucrative.
As users of the sharing economy in the UK continue to soar1, more and more home owners are beginning to realise the worth of their car parking spaces, making money from a space that could be otherwise underused.
Driveways in London and across the country have significant earning potential, particularly when located in areas of high demand. Proximity to train stations, local amenities, music venues or sports stadiums all increase the value of a property’s driveway, whilst still being cheaper and more convenient for the driver than a car park space.
According to JustPark’s new data, cities with some of the most valuable driveways in the UK currently can earn homeowners the following annually:
- London: £5,860
- Brighton and Hove: £4,190
- Oxford: £3,300
- Edinburgh: £3,020
- Manchester: £2,030
A recent study by Direct Line Car insurance highlighted that driveways across the UK are collectively earning over £3.8billion annually and 3.5 million Brits are renting out their parking space. This number has the potential to more than double, as a further 4 million Brits have said they would consider renting out their driveway to bolster their income.
Aside from the economic benefits of capitalising on unused space, there are also positive impacts on the community. Space is utilised by those that really need it and less circling looking for carparking spaces, means less congestion on London streets and better air quality.
JustPark CEO, Anthony Eskinazi, says:‘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.’