UK homeowners could earn £250 per month this summer by renting out driveways

Are you looking to earn money this summer?

New data from YourParkingSpace has revealed how drivers could earn £255 per month by renting out their driveways.

Meanwhile, residents of Bournemouth and Skegness are expected to make the second highest with around £118 per month.

Next are homeowners from Hastings and Southend on Sea who will make around £116 and £114 each on average.

As there is demand in areas like Blackpool, Worthing and Great Yarmouth, these residents could pocket around £100 per month.

Harrison Woods, CEO of YourParkingSpace, claims that those who live in spots near the beach have "rare properties".

He said: "With overseas summer holidays looking uncertain for many, a staycation will be the preferred choice for millions of Brits.

"We've already seen that parking spaces in seaside resorts are rare properties as drivers battle each other for a spare place.

"However, it does mean the nearby residents with an empty driveway are perfectly placed to offering a parking solution by renting out their empty driveway to needy motorists while earning some additional income on the side."

JustPark said homeowners in the Brighton area could pocket around £195 per month on average from renting out their drives.

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The specialists said drivers in Bournemouth could make £165 per month by renting out their driveway.

But valuations were lower for Skegness with their predictions showing drivers could only make £90 per month.

Meanwhile, data found that London was the most lucrative place to rent out a driveway in the UK.

These homeowners could earn around £187.86 per month, but it could be higher in other parts of the capital.

Data from Direct Line Car Insurance reckons drivers in Sheffield could earn the highest with an average of £160.33 per month.

Steve Barrett, car insurance spokesman for Direct Line, said: "With the cost of parking so high and spaces in such short supply, it is not surprising that so many people are discovering alternative options.

"For homeowners, renting their driveway to others is a great way to supplement their income and for drivers, it's a cheaper alternative to increasingly unaffordable town and city centre car parks.

"It also provides people with a guaranteed parking space and frees up vital spaces in high demand car parks."

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