Renting out a parking space

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by Kay Murchie

The latest fashion for city residents is renting out a garage or parking space. The classified website Gumtree.com now contains a section devoted to parking spaces to sit alongside flats to rent and cars to buy.

Gumtree says that the number of people advertising a parking space for rent has soared 149% in the last 6 months compared with the previous 6 months. A spokesperson for the group said that they have dedicated a section on their website following the growing interest in this area.

A business set up to specialise in advertising parking space rentals, yourparkingspace.co.uk, estimates that you could achieve £250 a month for a central London parking space – a yearly income of £3,000.

Charles Cridland, founder of Yourparkingspace.co.uk, said £100 per month is typical across the UK but spaces in London go for a lot more. Mr Cridland added that the congestion charge, together with stricter parking restrictions and enforcement have pushed up demand for parking spaces in London and this is expected to be repeated in other cities across the UK.