Homeowners with driveways could use their parking spot to earn up to £200 per month, according to consumer experts. MoneySavingExpert (MSE), founded by journalist and broadcaster Martin Lewis, often shares advice for Brits.
According to a previous blog post from the MSE team, some homeowners might be able to earn money from their driveways. The experts explained that it’s possible to rent out your driveway on parking sites and apps, where motorists can pay to reserve your spot. But there are limitations.
You’ll need your own off-street parking; you cannot sell a residents’ parking permit, MSE warned. For those who can get involved, some homeowners may be able to earn hundreds, reports the Mirror.
Earnings will vary by location, but people living near train stations, hospitals, airports, or stadiums are most likely to benefit. MSE explained: “Depending on your area, you could net up to £200/month (more in some places, eg, parts of London) just for letting somebody park in your drive or garage.
“The most covetable spaces tend to be in city centres, but you can still make serious cash elsewhere. If you live by a big transport link such as an airport or railway station, or even a football ground, it’s worth a quick valuation.”
MSE said that listing on these platforms is typically free, but they may deduct commissions and charges from your earnings. It’s crucial to verify whether there are any restrictions before posting a listing, and to check any insurance, income tax, liability, or mortgage implications.
According to MSE: “Some more officious local councils have deemed renting out your space a ‘change of use’ to your property and have asked for hefty planning application fees. But the Government says renting out one parking space without planning permission is fine in England, provided it’s not a nuisance to neighbours and there are no other major concerns.”
Saga similarly notes that homeowners could generate income by renting their parking space. In a blog, advice said: “Renting out a spare parking space is unlikely to make you rich, but it may help you pay for a few extra luxuries or allow you to offer more financial support to younger generations – and that’s an opportunity that could be worth making some space for.”
Advice on Gov.uk says: “The government’s view is that it should be possible to rent parking spaces without planning permission, provided there are no substantive planning concerns such as public nuisance to neighbours.
“There is a public interest from such renting, by providing more cheap and flexible parking spaces for people to park their car and taking pressure away from on-street parking.”
This article does not constitute legal advice.