New data has revealed that some homeowners are making as much as £2,250 a year by renting out their driveways to motorists desperate for parking.
Householders in 25 towns and cities around the country are reportedly earning more than £1,000 a year by letting others use their private parking, while even those in less-profitable places are making more than £500.
London, unsurprisingly, tops the table for the most profitable private parking, with homeowners making an average of £2,254 per year.
Spaces in the capital range from a very reasonable £1 per hour to a staggering £60 for a space in a private underground car park in the city centre, according to parking portal Yourparkingspace, which provided the data.
The figures from its customers showed that outside of London Brighton, Leeds, Bristol and Oxford were the best places for homeowners hoping to make money from empty parking spaces, with average earnings in excess of £1,600.
Even outside the capital, hourly rates for spaces range from £1 to nearly £20.
Scotland’s two largest cities, Glasgow and Edinburgh, both also made an appearance in the top 10, while Belfast finished in 11th place and Cardiff in 15th position.
Most profitable private parking rental
Town/City Monthly Annual London £187.86 £2,254.32 Brighton £153.26 £1,839.14 Leeds £146.92 £1,763.00 Bristol £137.28 £1,647.40 Oxford £135.40 £1,624.74 Glasgow £128.02 £1,536.21 Liverpool £121.71 £1,460.55 Reading £121.55 £1,458.65 Cambridge £120.03 £1,440.34 Edinburgh £119.58 £1,434.92
According to YourParkingSpace’s managing director, Harrison Woods, driveways and empty spaces close to local amenities, train stations, music venues, sports stadiums and airports are in particular demand.
Read more: How to appeal a parking ticket
He commented: “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 figures come as council data revealed drivers in London are the country’s worst parking offenders. Eight of the 10 areas in England with the most parking offences are inside the M25, with more than half in north London.