A new league table released by an online parking portal has revealed the regions where shrewd homeowners are making the most money by renting out their empty driveways as parking spaces.
Indeed, booking data from YourParkingSpace.co.uk has shown that householders in London topped the money-making chart as pre-paid bookings on the portal soared past the one-million-pound mark to a massive £1,110,428 in November alone.
The UK’s capital was followed by the Northwest and Southeast of England, where residents made a whopping combined total of £225,143 and £216,523 respectively also in November this year.
However, the regions where homeowners enjoy the fastest rates of growth were the East Midlands, Wales and the Northeast of England, which benefitted from a surge in takings of 106%, 84% and 59% respectively in November, when compared to pre-pandemic figures in February 2020.
Harrison Woods, managing director at YourParkingSpace.co.uk, commented: “Our booking data shows that renting out an empty driveway, garage or secure parking space can be a serious money-spinner.
“What’s more, it’s very encouraging to see that the top-earning regions are spread across the UK, offering money-making opportunities to countless homeowners who have an empty driveway or parking space.”
This news comes as the cost of living surged 5.1% in the 12 months to November, the highest level since September 2011. Indeed, many householders troubled by financial worries are looking for creative ways to offset the rising cost of living.
Woods added: “With inflation and tax bills surging, householders will be assessing how they can tighten the purse strings or make some extra cash in the New Year.
“Finding an additional stream of income can be challenging and hard work, but by renting out a vacant driving space, it really can be one of the easiest ways to make some extra cash and kick their financial worries to the kerb.”
For more information about listing a driveway, garage or secure parking space, visit www.yourparkingspace.co.uk.
| Region | Total Earnings
(November 2021) |
Growth (Compared to February 2020) | |
| London | £1,110,428 | 49% | |
| Northwest (England) | £225,143 | 40% | |
| Southeast (England) | £216,523 | 41% | |
| Yorkshire and The Humber | £126,993 | 57% | |
| East of England | £115,859 | 23% | |
| Southwest (England) | £115,217 | 16% | |
| West Midlands (England) | £96,093 | 44% | |
| Scotland | £84,338 | 45% | |
| East Midlands (England) | £73,201 | 106% | |
| Wales | £24,668 | 84% | |
| Northeast (England) | £17,383 | 59% | |
| Northern Ireland | £5,248 | 24% | |
