A league table of parking space rentals shows that in SW3 the going rate is £538 a month, in Mayfair it is £348 and in the Leicester Square area owner could get £298 a month.
The table, compiled by letting service Park Let claims renting out a parking space is not just for commercial premises. '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,' said Luke Kelly, managing director, Park Let.
'For example a driveway or allocated bay in the popular Lavender Hill area in Clapham could make up to £129 per month. Similarly, within a quarter of a mile of Highbury and Islington tube station property owners there could rent out a garage for up to £200 per month, or £110 for a drive,' he added.
Other areas in the top ten include High Holborn at £291 a month, Liverpool Street area £223, around Cardinal Place, SW1 the rate is £222 with Old Street and Canon Street attracting rents of £205. Pimlico has a going rate on £202 a month and Fulham £194.
'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,' Kelly added.
