– UK homeowners can earn £3.17 per hour, on average, renting out their driveway for private parking
– Renting out your driveway for just one hour a day could net you £95.10 per month
– Londoners can stand to earn the most money from their driveways, with an average rate of £5.99 per hour
UK homeowners could stand to earn as much as £100 per month from their driveways, according to paving specialists.
The research from Simply Paving analysed the price of private parking spaces on Parkopedia across 50 locations in the UK, revealing the potential profit in different parts of the country.
The average UK homeowner could charge £3.17 per hour for renting out their driveway as a private parking space. If the driveway were to be occupied by a customer for just one hour a day, homeowners could rake in £22.19 per week, or £95.10 per month.
These monthly earnings could also rise, depending on where the driveway is located. Londoners charge an average of £5.99 per hour for private parking spaces, making their driveways 88 per cent more profitable than the national average.
Residents in the South East and Scotland are also well placed to earn above the national average. Driveways in these regions charge an average of £3.64 and £3.41 per hour, respectively.
Even driveways in Wales, which has the cheapest private parking in the UK, can still stand to earn as much as £66 per month.
A spokesperson at Simply Paving commented on the research: “With everyone tightening their belts during the cost of living crisis, finding a new revenue stream can really help alleviate any stress.
“As our research shows, renting out your driveway as a private parking space could provide a welcome source of income, potentially as much as £100 per month. All you need to do is advertise your driveway for the hours you don’t use, such as when you’re at work during the day.
“You also need to ensure your driveway looks the part, whether that means buying new paving blocks or taking the time to keep it clean and clear of weeds.”
To find out more about the research, as well as how to spruce up your driveway, visit the Simply Paving website.