Letting out garages and driveways a real money-maker
Driveways and garages could make homeowners thousands in the capital.
The letting service Park Let claims renting out a driveway or garage, particularly in the SW3 postcode, could gain homeowners as much as £6,500 a year.
Park Let's 2009 league tables of parking space rental, place those who live in the Brompton area of London at the top of the money-making list, with Mayfair and Leicester Square also proving profitable, with rents up to £348 pcm.
Luke Kelly, managing director, Park Let said: "Although the top ten rental areas in the league table are perhaps better known for being commercial centres than residential areas, property owners in all locations could earn extra income by renting out their driveway or garage.
"For example a driveway or allocated bay in the popular Lavender Hill area in Clapham could make up to £129 per month. Similarly, a quarter of a mile search on Highbury and Islington tube station shows property owners there could rent out a garage for up to £200 per month, or £110 for a drive."
The parking space agent has also just launched the first interactive parking space tool, which will show the average price homeowners can get for a garage or driveway in their area.
"If you own a property or even rent a property and are not using the driveway or allocated parking, it really does pay to let it out. Using the league table's top ten areas, the average rental income during a year is over three thousand two hundred pounds - enough for a great family holiday or in current times, a great way to save for a rainy day or pay off a loan or mortgage," Mr Kelly added.
Park Let's 2009 London league table is as follows:
- Sloane Ave, SW3 £538 pcm
- Mayfair, W1K £348 pcm
- Leicester Sq, WC2 £298 pcm
- High Holborn, WC1 £291 pcm
- Liverpool St, EC1 £223 pcm
- Cardinal Place, SW1 £222 pcm
- Old Street, EC1 £205 pcm
- Canon St, EC4 £205 pcm
- Pimlico, SW1V £202 pcm
- Fulham, SW6 £194 pcm
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- property ,
- rental yield
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