Homeowners up and down the country are earning thousands of pounds by renting out their driveway, new research has revealed.

According to figures from YourParkingSpace.co.uk, driveways in towns and cities across the UK have been shown to be capable of generating more than £1,000 per year for owners.

Meeting an unmet need for many

The company’s research ranked the top 50 towns and cities in terms of their monthly and annual income potential.

It placed London (£2,254.32/year) at the top of the list in terms of earning potential for homeowners, with other notable inclusions being Brighton (£1,839.14), Leeds (£1,763.00), Bristol (£1,647.40), Glasgow (£1,536.21) and Birmingham (£1,269.89).

Harrison Woods, managing director at YourParkingSpace.co.uk, said: “Renting out a driveway provides a steady stream of additional income for thousands of households across the UK.

“It’s very encouraging to see that the top earning towns and cities are spread across the country, offering money making opportunities to countless Brits who own a driveway or empty parking space.”

The need for parking is increasing across the country, with more car owners on the roads and fewer places to park. As a result, people who rent out their driveway could be making a considerable amount of money and also helping drivers to keep their vehicles safe.

Heather Stark, brand manager at The Fuelcard People, comments: “Parking is at a premium in many UK towns and cities, so exploring the option of renting a driveway could be a positive solution for all involved.”

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