Letting your parking space

London homes with off-street parking can earn hundreds of pounds a month letting the space
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For drivers, the rent paid can be value for money, avoiding parking tickets and meter charges and the hassle of finding a space to park.

How much is it worth?

A survey by garage agent ParkLet.co.uk, showed that rent for driveways and private parking spaces in sought-after London postcodes averages £273 a month, while other listing websites quote rates of as low as a few pounds for a day.

Driveways and off-street parking spaces that are in demand include those near sports and leisure stadiums, as well as close to airports, train stations and the congestion charge zone. Some are rented by people going to one-off events like football matches, others by regular commuters.

Any tips?

ParkAtMyHouse.co.uk advises space “landlords” to check their home insurance will cover them for any problems and warns against selling on local council parking permits - a law breaker.

Websites often offer free listings and then charge commission on parking fees. As well as ParkLet.co.uk and ParkAtMyHouse.co.uk, try YourParkingSpace.co.uk and SpareGround.co.uk.

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