DRIVEWAY INCOME PROVIDES STABILITY IN UNCERTAIN TIMES

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Renting out an empty driveway can be a stable source of additional income
Sobering messages from the Bank of England if no-deal Brexit
Average income from driveways has actually risen over last three years in most top earning cities
Renting out an empty driveway to motorists looking for somewhere to park can provide stability in times of uncertainty, advises YourParkingSpace.co.uk.

It follows downbeat forecasts from the Bank of England which cut the UK growth forecast, along with other sobering messages if there was a no-deal Brexit.

However, property owners across the UK are renting out their driveways to boost household income, advises the online parking portal, as the country faces an uncertain future.

And average rented driveway income has remained remarkably consistent over the previous few years.

Apart from London, all of the other top five earning cities with YourParkingSpace.co.uk have actually seen average rented driveway income grow over the past three years.

For example, the annual average rented driveway income in London has only differed by around £50 over the last three years from £2,303 in 2017 to £2,254 this year, while in Brighton it has actually increased from £1,761 in 2017 to £1,839 in 2019.

Other growth examples include Leeds which has seen an increase from £1,544 in 2017 to £1,749 in 2019, and Bristol where average annual driveway income has grown from £1,447 three years ago to a present income of £1,627.

Meanwhile in Oxford, which was the fifth highest earning city with YourParkingSpace.co.uk over the last year, average annual driveway income has grown from £1,360 in 2017 to £1,624 in 2019.

Harrison Woods, managing director at YourParkingSpace.co.uk, said: “In general, our data shows that average driveway income can be a stable source of income, and as proven by our examples, has been increasing over the past few years in many areas.

“Of course, the income potential of each individual driveway will differ, but driveways near trains stations, local amenities, music venues and sports stadiums, are typically in the highest demand.”

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