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Homeowners set to make £300,000 this Christmas through renting out driveways

Byadmin

Dec 4, 2023

Renting out a parking space could be another reason for Christmas cheer this December, with homeowners set to bring in easy cash during the busy holiday season.  

That’s according to YourParkingSpace, which analysed the earnings of active space owners across the country and discovered that merry homeowners earned a whopping £336,121 in December 2022.

London was the highest earner, with spaces bringing in a welcome £213,713 just before Christmas. Manchester residents earned a jolly £13,065, whereas Brighton homeowners made a cool £8,844.   

The average price of an individual daily booking was £15.27 during the period last year. If that were to be replicated this year, a space booked out every day for the 24 days leading up to Christmas could net a homeowner around £366.  

Brannan Coady, CEO of YourParkingSpace, commented: “Christmas is always a busy period across the country with people visiting family and friends.  

“As parking in cities is generally harder to find, listing a parking space is a way to earn some extra cash, just at the right time. If you only want to list a space during the festive period, then any income made over the year under £1,000 is also tax-free. 

“Over the past year, we have seen a 61 per cent increase of users on our site looking for parking compared to last year. We’re expecting space owners to make more than last year.”  

One particular homeowner, who has made £1,700 since registering his parking space, welcomes the extra money during the busy month. Mr Chapman, who lives in York, said: “Christmas always puts an extra strain on the wallet. However, I generally see more people book up my space so the income helps to relieve some of that pressure. 

“If you know you live in a busy area then it makes it easier to judge the right competitive price to set your parking space at. You just need to wait for the bookings to come in!” 

To find out how you can list your parking space for free and make some extra money before Christmas, visit yourparkingspace.co.uk. 

By admin