How to make money from your driveway

Driveways and empty spaces made more than £15m for their owners in 2018 – but before you sign up consider legal advice, insurance and speaking to your council, says Sean O’Grady

YourParkingSpace.co.uk claims there is a surge in people making money from renting out their driveways (YourParkingSpace.co.uk)

In tough economic times families are inclined to look carefully at their budgets – rethinking how and where they shop, delaying “big ticket” purchases and switching utility suppliers, for example.

All very prudent and wise, but some are also looking to boost their incomes, sometimes through novel means.

Hence what YourParkingSpace.co.uk claims is a “huge surge” in British people making money from renting out their driveways as parking spaces.

The company, which specialises in the business, says driveways and empty spaces registered with their website made more than £15m for their owners in 2018, and they had almost 30,000 people register their driveway or empty space last year: an average of £500 per household.

Away from London, which took the lion’s share of driveway registrations in 2018, the other most popular cities in the top 10 were Manchester, York, Bristol, Birmingham, Edinburgh, Leeds, Reading, Liverpool and Oxford.

Harrison Woods, managing director at YourParkingSpace.co.uk, said: “Our latest research reveals a significant increase in driveway and empty parking space registrations in 2018, up by more than 40 per cent over the previous year.

“In a time of economic uncertainty, it would appear that more and more Brits are realising they can make a tidy sum from renting out their driveway to needy motorists looking for somewhere to park.

“Particularly desirable locations include those in town and city centres, near railway stations, plus sports and music venues.”

The other most popular towns and cities for driveway registrations in 2018 included Southampton, Coventry, Cardiff, Brighton, Croydon, Glasgow, Cambridge, Norwich, Nottingham and Crawley, near to Gatwick airport.

Those thinking about registering their lock-up, driveway or garage space might, however, consider taking legal advice about the arrangements and any contracts, formal or informal, they enter into.

There’s also insurance, and your own privacy and convenience to consider.

Some councils will take action if they consider there may have been a transfer of use to commercial, from residential, or if it constitutes a “nuisance” to neighbours. Ordinarily, income from parking fees would also be taxable.

Online guides will indicate a rough value for your postcode, and there are a number of firms you can register with, varying in commission and degrees of support. YourParkingSpace