Renting a driveway in Camden costs £3,367 a year on average

Camden is the second most expensive place to rent a parking space in London. Map: YourParkingSpace.co.uk (Image: Archant)

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.

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.

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.