Is your driveway paved with gold?

Probably not, but it could be more valuable than you think if it can be rented out to drivers needing a parking space.

There are currently 3.5 million driveway landlords across the UK earning a combined £3.8bn a year, according to Direct Line.

That’s an average £1,090 per drive a year.

Sheffield is the most profitable city to rent out a driveway and would cost a motorist £160 a month or £1,924 a year to park their car. Even after taking out fees from a parking agency, Sheffield driveway landlords can still earn £1,539 every year.

The Steel City is closely followed by London, where driveway landlords benefitting from the parking space shortage in the capital can earn £1,525 after fees. Leeds completes the top three, with driveways providing an income of £1,363 each year.

Potential profit

A further four million Brits would consider renting out their driveway in the future, according to Direct Line.

Head of car insurance at the business, Steve Barrett, said: “With the cost of parking so high and spaces in such short supply, it is not surprising that so many people are discovering alternative options. Given that the sharing economy has already changed the travel and hospitality industries, it is inevitable that motorists and homeowners are looking for mutually beneficial solutions.

“For homeowners, renting their driveway to others is a great way to supplement their income and for drivers, it’s a cheaper alternative to increasingly unaffordable town and city centre car parks. It also provides people with a guaranteed parking space and frees up vital spaces in high demand car parks.”