Could you make money from your driveway?
For most homeowners, the idea of their property accumulating income whilst they’re at work or running errands probably seems nothing but a distant dream. On most advice columns you’ll a find magnitude of ways to save you money in property, usually centring somewhere along the lines of loft insulation or smart meters and usually warranting a substantial investment on your part. But what if there was a way to make money without this investment? Some entrepreneurial UK citizens are doing exactly that, and it all started with their driveway….
As the number of cars on British roads soared to an all time high in 2018 and with this number projected to rise substantially for the foreseeable future, UK citizens face a growing dilemma: parking. The squeeze for parking space is no longer strictly limited to major towns and Cities either with smaller, more rural settings also facing issues. Significant increases in public transport costs and public parking facing time restrictions and price hikes, a growing number of people look for alternative options. It is with this alternative search for parking that a number of UK citizens took their own initiative and decided to rent out their parking spaces to the highest bidding customer. Following this, a number of online platforms have sprung up in the last 5 years which act as an advertisement porthole for these off the grid parking spaces. One website YourParkingSpace.co.uk aims to tackle the growing issue of parking by offering an online platform for people around the UK with parking space to connect with those that need it.
According to the site, the number of households signing up to rent their parking spaces in 2018 increased by 4% to 30,000, with an average yearly income of around £500 per year. The firm do take commission for renting your space however, varying with postcode and demand. To determine how much your postcode could make, it is as simple as a quick postcode search. Within the Glasgow area, the average monthly income was suggested to be about £60 per week but for city centre areas it cold be as high as £125 per month.
Amongst the most valuable parking spaces, according to the website are in London, Edinburgh and York with renters in these cities making as much as up to £2,000 per year from their space. With so much to be gained from renting your parking space and very little risk if completed through third party trusted sites it could just be worth your while.