Renting a driveway in Camden costs £3,367 a year on average
Unused parking spaces in parts of north London are commanding a premium - Credit: Getty Images/iStockphoto
With parking at a premium and spaces hard to come by, homeowners are cashing in by renting out unused off street parking spaces
A coveted off street parking space is always a major selling point when it comes to property, and some savvy homeowners are cashing in by renting their driveways out – to the tune of over £3,000 a year.
Camden is the second most profitable borough in London for renting your driveway, according to YourParkingSpace.co.uk.
Local homeowners in areas such as Hampstead with an unused parking space can make on average £3,147 just by letting someone keep their car there.
Only Kensington and Chelsea is more expensive, with driveways earning £3,147 on average.
A spare parking place in Highgate in the borough of Haringey could generate £1,762 over a year.
You may also want to watch:
It’s a steep price to pay, but commuters in need of a permanent, regular slot to park in or local residents whose own homes don’t come with a space are left with few options.
A residents parking permit can be obtained from the council, costing up to £166 a year, but for a pay as you go space in Camden you need to pay between £1.35 and £5.55 per hour, making a peer to peer driveway rental a pretty good deal.
Most Read
- 1 Apology to Barnet mother for 'embarrassing' food parcel
- 2 Hampstead vaccination centre shoots for 1,000 daily Covid jabs
- 3 Kentish Town café fundraises to keep community spirit alive
- 4 Jeremy Corbyn launches Peace and Justice Project with calls to action
- 5 Free Nazanin: Calls for clarity as West Hampstead mum's sentence draws to a close
- 6 Hampstead families aim to raise £50,000 to feed Royal Free medics
- 7 Maida Vale florist starts weekly subscription to brighten lockdown
- 8 Joan Bakewell fires legal threat to government over second Covid jab
- 9 'People are scared to come out', say Hampstead coffee shops
- 10 Hampstead's Karma Bread thanks Royal Free staff with baked goods
With property prices at a premium even a car parking space can go for tens, if not hundreds, of thousands of pounds.
New build developments often have a limited number of car parking spaces permitted by the council, so developers have had to get creative and offer extras such as a town car service instead.
In Chester Close, between Regent’s Park and Camden Town, a garage parking space is currently on the market with Sandfords for £115,000.
In 2014 an underground parking space near the Royal Albert Hall in Kensington was put on the market for £400,000.
For homeowners with space to spare it’s a lucrative potential sideline, but for those in need of a place to park their wheels it’s just another expensive part of living or working in London.