05 Dec 2018

Is the driveway of your home paved with gold?

Is the driveway of your home paved with gold?

Parking spaces at domestic properties across the UK are collectively earning people over £3.8 billion each year, according to Direct Line Car Insurance.

Both Glasgow and Edinburgh have made the top 10 locations for most profitable places to rent out their driveway.

Around 3.5 million people currently rent out the parking space at their home - and this can provide an average annual income of £1,090 after agency fees are taken into account.

Direct Line adds that a further four million Britons would consider renting out their parking space in the future.

Biggest money makers

Sheffield is the most profitable location, bringing in a typical £1,539 every year.

It is closely followed by London, where driveway landlords  in the capital can earn £1,525.

Leeds completes the top three, with a parking space can provide an income of £1,363 each year.

Glasgow was in seventh place, with a figure of £1,113, and Edinburgh was 10th on £1,079.

Pros outweigh cons

Direct Line says most people across the UK believe the positives of renting out driveways outweigh the negatives, with two-fifths of adults agreeing that it is both a good source of additional income and good use of unoccupied parking spaces.

Almost a third see it is a possible solution to a local parking shortage, while a quarter think it is a reliable option for commuters as they have a guaranteed parking space.

Steve Barrett, head of car insurance at Direct Line, said: “With the cost of parking so high and spaces in such short supply, it is not surprising that so many people are discovering alternative options.

"Given that the sharing economy has already changed the travel and hospitality industries, it is inevitable that motorists and homeowners are looking for mutually-beneficial solutions.

“For homeowners, renting their driveway to others is a great way to supplement their income - and for drivers it’s a cheaper alternative to increasingly-unaffordable town and city centre car parks.

"It also provides people with a guaranteed parking space and frees up vital spaces in high-demand car parks.”

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