Rent Out Your Driveway and Make 5,000 a Year
By MIRA BAR-HILLEL
RENTING out your driveway can earn you more than 5,000 a year.
Homeowners with off-street parking are cashing in on drivers’ desperation to find somewhere to leave their car while they are at work, a survey has found.
The potential income from renting out a space can reach about 100 a week in places such as Regent’s Park and Holland Park some 5,200 a year.
The research was done by website Peasy.com, which matches people with a private parking space across the 32 London boroughs with car drivers.
When the figures were averaged out across each borough, Westminster was found to be the most lucrative location, with average annual rents of 3,564 for a space. Kensington Chelsea was next, on 3,516. At the other end of the scale, a 3,516. At the other end of the scale, a driveway in Havering can be rented for an average 480 a year, and one in Bexley for 504.
The website has a searchable list of more than 500 parking spaces. Users can book and pay online.
Peasy.com founder Charles Cridland said: “We have always known that driveways add value to a property, but now owners can find out exactly how much they are worth and make a helpful addition to the family budget.
“It’s becoming increasingly popular to make money from your property while you are at work. The commuter saves money and everyone is happy.” One user of the website is Tim Worledge, 35, who lives near Cambridge and faced a five-hour, 30 round trip by train to his job in Canary Wharf.
The oil markets journalist decided to drive instead.
“The journey down the M11 was much better, but the Canary Wharf car park charged something like 25 a day,” he said.
“Then a colleague referred me to Peasy.com and I found some spaces in a private development in Docklands 10 minutes walk from my office. I found Colin, who doesn’t own a car. I am paying him only 25 a week, which is a bargain, and we’re both very happy with the arrangement.” The idea of renting out private driveways to earn extra income was pioneered by Wimbledon residents during the annual summer tennis tournament at the All England Club.
The spaces are hired by spectators and stallholders selling cold drinks or umbrellas. They are able to earn between 2,000 and 3,000 during the two weeks.
However, Inland Revenue officials have been taking an increasing interest in the practice, threatening to deliver a tax bill to anyone who rents out their drives and fails to declare their earnings.
Anyone considering renting out a space must declare their income to the taxman..
(c) 2007 Evening Standard; London (UK). Provided by ProQuest Information and Learning. All rights Reserved.