Search

How renting out your east London driveway to motorists can earn hard cash

PUBLISHED: 10:00 11 June 2020

Empty driveways... maybe 'a nice little earner'. Picture: Google

Empty driveways... maybe 'a nice little earner'. Picture: Google

Google

Anyone with a spare driveway can be earning hard cash from renting it out to motorists looking for parking spaces after lockdown ends with some households in east London making more than £1,600.

Typical driveway in east London that could be earning some rent cash. Picture: GoogleTypical driveway in east London that could be earning some rent cash. Picture: Google

Tough parking restrictions have put Tower Hamlets in the top 10 London boroughs for property owners making a killing from having empty space on their doorstep, a survey has found.

They raked in an average £1,656 a year by renting out the space, according to the findings by Your Parking Space website, while those in neighbouring Hackney were making £1,548 average in 13th place on the London league table.

You may also want to watch:

But the cash bonanza isn’t so good further east.

Maybe not quite such an earner... driveways in suburbs aren't fetching as much rent as inner London. Picture: Getty ImagesMaybe not quite such an earner... driveways in suburbs aren't fetching as much rent as inner London. Picture: Getty Images

Households in Redbridge, for example, make just £1,092, those in Barking and Dagenham £1,080 and Newham £1,044. Even in Havering you could still make £912 a year.

“We expect a surge in demand with lockdown being eased,” the website’s managing director Harrison Woods said. “People returning to work are being advised to avoid public transport if possible. Those in cars will struggle to find places to park near their work.”

Top earners in Your Parking Space annual survey are unsurprisingly in the Royal Borough of Kensington and Chelsea, making an average £3,804 a year, while those in Westminster take in £3,192.


If you value what this story gives you, please consider supporting the East London Advertiser. Click the link in the orange box below for details.

Become a supporter

This newspaper has been a central part of community life for many years, through good times and bad, serving as your advocate and trusted source of local information. Our industry is facing testing times, which is why I’m asking for your support. Every single contribution will help us continue to produce award-winning local journalism that makes a measurable difference to our community.

Thank you.

Most Read

Most Read

Latest from the East London Advertiser