Edinburgh homeowners could stand to earn as much as £150 per month from their driveways, according to paving specialists.
The research from Simply Paving analysed the price of private parking spaces on Parkopedia across 50 locations in the UK, revealing the potential profit in different parts of the country.
The average UK homeowner could charge £3.17 per hour for renting out their driveway as a private parking space. If the driveway were to be occupied by a customer for just one hour a day, homeowners could rake in £22.19 per week, or £95.10 per month.
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Of course, location is everything and the monthly earning could rise depending on where the driveway is. Edinburgh residents could earn significantly above the average rate, charging £4.92 an hour. In fact, Edinburgh is the 7th most profitable location in the whole of the UK, with only London boroughs having a higher average price per hour.
Edinburgh is known for its lack of city centre parking, not to mention high prices. So some may look for an alternative way to park their car while they go to work or shop. Looking on Your Parking Space, a site that shares parking spaces that are rented out, we found that that prices in the city centre can range from a humble £2 per hour to a whopping £15.
As mentioned, location is everything, as the space advertised for £15p/h just off the Royal Mile is certainly a desirable one.
For one allocated space located on Merchiston Park in Edinburgh, the owner is charging £17.50 for the space for an hour, between the times of 8.30am - 9.30am.
Meanwhile homeowners in Glasgow could also charge more than the average UK homeowner, at an average price of £3.50 per hour.
Londoners charge an average of £5.99 per hour for private parking spaces, making their driveways 88 per cent more profitable than the national average.
Residents in the South East and Scotland are also well placed to earn above the national average. Driveways in these regions charge an average of £3.64 and £3.41 per hour, respectively.
Even driveways in Wales, which has the cheapest private parking in the UK, can still stand to earn as much as £66 per month.
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