Homeowners with driveways could potentially earn up to £200 a month by renting out their parking spaces, according to consumer experts at MoneySavingExpert (MSE). The website, founded by journalist and broadcaster Martin Lewis, regularly shares money-saving and money-making tips for the public.
How to Earn from Your Driveway
In a previous blog post, the MSE team explained that some homeowners might be able to generate income from their driveways. By listing the space on parking sites and apps, motorists can pay to use the spot. However, the idea is not suitable for everyone. You must have your own off-street parking spot; selling a residents' parking permit is not allowed, MSE warns.
The amount you can earn depends on your location. Homes near train stations, hospitals, airports, or stadiums could yield hundreds of pounds each month. MSE stated: "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 desirable spaces are often in city centres, but significant earnings are possible elsewhere. If you live near a major transport link like an airport, railway station, or football ground, a quick valuation is worthwhile.
Considerations and Regulations
Listing on parking sites is usually free, but they may take a cut or charge fees. It is essential to check local regulations, insurance, income tax, liability, and mortgage issues before listing. MSE adds: "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 also advises that homeowners could earn by renting their parking space. In a blog, they recommended having a legal agreement between the space owner and the motorist, clarifying that the owner is not responsible for the vehicle or its contents. A good parking rental website should provide a legal agreement designed to protect both parties.
Official Guidance
The latest advice on Gov.uk states: "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.
