Rent out parking space for Wimbledon 2019: how to make money from your parking space in London

Driveways might not be the most exciting part of a property, but come big events, renting yours out to ticket holders desperate for somewhere to park can make you money.

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Jess Denham3 July 2019

The Wimbledon tennis championships are back for another week, pitching the world's best players against each other in a bid to win the prestigious top prize on Sunday, 14 July.

And homeowners living nearby who are cashing in on the tournament's popularity are raking in anything from an average of £400 to £1,500 in extra cash, just by renting out their parking spaces.

It can be hard for eager tennis fans driving to the event to find parking so, for those living nearby who are willing to rent their driveways out to ticket holders desperate for somewhere to park, this can prove a nice little earner.

The annual Wimbledon tennis championships, the oldest tennis tournament in the world, has been going since 1877 and runs for a fortnight.

Limited on-site parking costs attendees £25 per car if pre-booked or £30 cash on the day, setting those who come for the full event back an eye-watering £250, at least – and that’s if you’re quick enough off the mark to secure a spot.

It is little surprise, then, that many visitors look to local residents for help housing their vehicle, with homeowners standing to make hundreds of pounds from the event.

Those living closest to the All England Tennis Club, on roads off Church Road and Wimbledon Park Road, are in pole position to rake in good money – with spaces listed on parking app JustPark for over £50 a day.

Users within walking distance of the tournament can hope to make around £400 during this year's Wimbledon and there are currently 1,700 users registered in the area.

In 2017, the top earning driveway rented out through JustPark made over £1,500, with users earning over £22,000 in total.

The most lucrative postcodes were SW19 6LW, SW195PE and SW19 7AE, encompassing Augustus Road, Queensmere Road and Alwynne Road.

Signing up to JustPark, arguably the best known of these services, is free but it charges three per cent commission when you successfully rent your space out.

Other companies with good user feedback include Your Parking Space, which charges tenants an extra 20 per cent rather than taking from your pocket; Park On My Drive, which costs £20 to sign up to; and the more expensive Parklet, which charges 20 per cent commission per booking.

Easy does it: the JustPark app is quick and simple for homeowners and customers

Read the small print

Though arguably a ‘change of use’ to your property, renting out your parking space without planning permission is legal, so long as it does not disturb your neighbours.

Some local councils try to charge £385 for a planning application fee. If this happens to you, challenge it and refer your council to the Government’s official advice.

You might require permission from your mortgage lender, or your landlord if you are a tenant, particularly if you intend to rent your parking space out long-term. If in doubt, check the terms of your mortgage or tenancy agreement.

£830,000: this four-bedroom property with large front driveway, electric gates and room for many cars

You only need to declare earnings from renting out your driveway to HMRC if your profits exceed £1,000 — anything below this is covered by your tax-free property and trading allowance.

Richard Morley, tax dispute resolution partner at accountancy firm BDO, said: “It’s unlikely that you’ll end up in court if you fail to declare your extra cash, but online audit and payment trails mean HMRC inspectors can easily serve you with an additional penalty.

“For this reason, it is a good idea to keep a record of any earnings, even if below the £1,000 threshold.

“Bear in mind that if you rent out a furnished room in your house, inclusive of parking, you can use rent-a-room relief of up to £7,500 to cover this. It is where parking only is charged that it can remain taxable, so if you earn over £1,000 from renting out your space, declare your taxable income to avoid game, set and match to HMRC.”

Go one step further

If you are lucky enough to live near the tennis but don’t have any off-street parking, it is a wise time to go on holiday and rent out your house to spectators, corporate guests and the media for the duration of the championship.

Wimbledon Village mansions let to players for small fortunes but renting out a four-bedroom terrace in Wimbledon Park could earn you £8,000.

Bear in mind, however, that letting agencies will take a hefty commission and there will be cleaning costs and admin fees to pay. The income must be declared to the taxman and you may be taxed on any profit.

Still, if you fancy a relatively pain-free extra cash injection, it might be time to put a note in the diary for next year.