According to research conducted by website YourParkingSpace.co.uk, some householders are boosting their income by more than £2,500 a year by letting their own driveways, with the average resident earning around £1,000 annually.
Unsurprisingly, London, where homeowners make an average of £2,040, proved the most lucrative city in the UK, with those in the affluent Kensington and Chelsea charging £2,517 for their sought after spots. According to the Daily Mail, one wealthy homeowner in Hyde Park is even reportedly selling their parking space for an eye-watering £300,000.
Manchester came second in the list of the biggest earning cities, just ahead of Edinburgh, while Nottingham and Brighton rounded out the top five.
Though councils are increasingly trying to clamp down on residents who rent out their driveways without first informing the authorities, communities secretary Eric Pickles recently declared that he is a supporter of such schemes, and encouraged councils to welcome this 'common sense' approach to solving two problems in one fell swoop - the homeowner's need for an earnings boost, and the commuter's parking requirements.
Charles Cridland, the founder of the website, said: "Renting a driveway, garage or secure parking space is an easy, simple and potentially lucrative way for homeowners to earn some extra income.
"If your home is near to local amenities such as a train station or sporting venue, it certainly boosts the earning potential of a parking space, but as our analysis shows, it is possible to earn a significant amount in all parts of the UK."
Mr Cridland added: "A number of English councils have recently revealed the vast surpluses they are making from parking charges. By registering your driveway or garage on YourParkingSpace.co.uk, homeowners have the opportunity to take a slice of this money."
What do you think? Will councils clamp down on residents renting out their driveways? Leave your comments below...