How to earn £3,000 a year from your driveway

YourParkingSpaceHomeowners who don’t use their driveway should consider renting it out as they could make up to £3,000 a year by sharing it with busy commuters.

Online parking marketplace YourParkingSpace says around 250,000 private parking spaces are now listed across the site, a 40% increase in a year – and demand from motorists for parking spots has seen 70,000 register in the past six months alone.

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This surge in interest and demand is set to further grow, reckons the firm’s managing director Harrison Woods, buoyed by former chancellor George Osborne’s tax break for those using sharing economy platforms; earnings of up to £1,000 a year will, from April 2017, be tax-free.

YourParkingSpace says 1 in 3 adults are already using the sharing economy and the UK already has the third-largest sharing economy in the world. Worth £500 million today, it could jump to a staggering £9 billion by 2025. And as the name suggests, YourParkingSpace feels it’s well placed to capitalise on stressed commuters eager to find somewhere easier and more reliable to park.

“The introduction of digital apps has made it far easier for individuals to connect and share items that they don’t make full use of and we’ve seen a surge in the numbers of people using our service over the past couple of years,” said Woods.

How to make money from your driveway

To start making money from your underused driveway, create a listing in YourParkingSpace, including postcode and details of whether you’d like to rent it on a daily or long-term basis. You can also add when the driveway is available, using an availability calendar.

Bookings are managed automatically: when someone signs up to use your parking space, you’ll receive a text. There’s also a fully managed service if you don’t want the hassle.

If you’re a motorist, you can search by city, street name or postcode for an available parking space; all results can be browsed, and include images. Some spaces are instant-book, which you can secure right away (look for the orange ‘lightning’ symbol; others require you to fill in a form.

All spaces are pre-reserved, enabling you to drive up and drive away afterwards without disturbing the homeowner.

It’s not just private driveways available on the app, either. The firm recently signed a 15-month partnership with NCP to offer pre-booked hourly and daily parking at car parks nationwide.

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