London’s driveway income hotspots revealed

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  • Driveways in 30 London boroughs earn their residents more than £1,000 per year on average, some substantially more
  • Kensington and Chelsea takes top spot with YourParkingSpace.co.uk at £3,719 average annual income
  • League table reveals how much driveways earn their residents in all 32 London boroughs

The London boroughs where homeowners are making the most money by renting out their driveways as parking spaces have been revealed by online parking portal YourParkingSpace.co.uk.

Its research shows that empty driveways, garages and secure parking spaces made more than £1,000 for their owners in30 boroughs across the capital over the last year, with Kensington and Chelsea taking the top spot with an average of£3,719 per year.

It was closely followed by Camden and Westminster where residents in each borough are also earning tidy sums of more than £3,000 per year on average.

Higher earning boroughs away from the centre of London include Richmond upon Thames, Merton and Brent.

Harrison Woods, managing director at YourParkingSpace.co.uk, said: “Renting out a driveway provides a steady stream ofadditional income for thousands of Londoners.

“It’s also very encouraging to see that driveways and empty parking spaces in the lowest placed borough in our Londondriveway league table, Hillingdon, can still make more than £800 for their owners, showing that there is always a demand for this parking service.”

Driveways and empty spaces close to local amenities, train stations, music venue and sports stadiums are in particular demand.

Only recently research by YourParkingSpace.co.uk also found that, following the introduction of the Ultra Low Emission Zone (ULEZ), it recorded a surge in homeowners close to the ULEZ registering their driveways to rent.

Bookings for driveways also increased on the outskirts of London, indicating that the ULEZ is working and that motorists are increasingly turning to public transport to enter the centre of the city.

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