New stats show that Hammersmith & Fulham homeowners have now made over £575,000 by renting out their private driveways online.
A growing number of Hammersmith & Fulham residents are advertising their spare parking spaces on website JustPark, with over 40% more using the scheme to make extra income now as there were 12 months ago taking the
total in the borough to over 200 rentable spaces.
Local homeowners are charging an average of £12 per day for drivers to park in their space, but those living closer to local amenities such as Stamford Bridge, Fulham Broadway and Imperial Wharf stations are making considerably more – charging up to £40 per day.
The number of driveway bookings in Hammersmith and Fulham has also grown considerably in the last 12 months – increasing by over 60%, as driveway rental becomes more and more popular as a cheaper alternative to overpriced public car parking.
From April 2017, homeowners will also pay no tax on earnings made through JustPark – up to £1,000 per year – thanks to the new ‘sharing economy’ tax breaks for property-related income announced in George Osborne’s most recent Budget in March.
JustPark founder Anthony Eskinazi said:
“It’s really encouraging to see the government supporting micro-entrepreneurs with this new legislation. These families and individuals are resourceful enough to be making a bit of extra money from their property, and are offering an important service at the same time – in this case, cheaper parking for drivers in Hammersmith and Fulham.”
“By unlocking these spaces that are otherwise underused – and allowing people to reserve them online, usually at a much reduced rate – JustPark is saving drivers money and putting it back into the pockets of local residents.”
It also eases congestion. According to IBM:
“In addition to the typical traffic congestion caused by daily commutes and gridlock from construction and accidents, reports have estimated that over 30 percent of traffic in a city is caused by drivers searching for a parking spot. Not only do inefficient parking systems result in congestion and increased carbon emissions, they also waste commuters’ time, lead to lost productivity and economic opportunities and can lead to inefficient city services.”
Homeowners and drivers in Hammersmith and Fulham can view the going rates for a local driveway space here: And, to see how much your empty driveway could be worth, check out JustPark’s rental price guide here.