How renting out your east London driveway to motorists can earn hard cash
PUBLISHED: 10:00 11 June 2020
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.
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.
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But the cash bonanza isn’t so good further east.
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.
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