East of England homeowners cash in by renting out their driveways

The stamp duty holiday had an immediate impact on the UK property market. Picture: Getty Images/iSto

Driveway rental can provide homeowners with a tidy additional income stream. - Credit: Picture:Getty Images/iStockphoto

Homeowners in the East of England made more than £100,000 last month by renting out their drives. 

According to YourParkingSpace.co.uk, a total of £115,859 was received by homeowners renting out their empty driveways as parking spaces. 

Londoners topped the UK-wide money-making chart, raking in £1,110,428 in November alone.

They were followed by residents of the North West, South East and Yorkshire and the Humber, with the East coming in fifth place. 

The fastest rates of growth were seen in the East Midlands, which benefitted from a 106 per cent surge in takings last month compared to pre-pandemic figures in February 2020. The East saw the second-lowest increase at 23 per cent, just ahead of the South West's 16 per cent. 

Harrison Woods, managing director at YourParkingSpace.co.uk, said: “With inflation and tax bills surging, householders will be assessing how they can tighten the purse strings or make some extra cash in the New Year.

“Finding an additional stream of income can be challenging and hard work, but by renting out a vacant driving space, it really can be one of the easiest ways to make some extra cash and kick their financial worries to the kerb.”

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Spaces currently available on YourParkingSpace in St Albans range from £50 per month in Fleetville to £112.50 in Chatsworth Court, near City station. 

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