Reduced rents for non-driving London tenants

13 2007
Tenants and landlords in central London are starting to take advantage of the capital's lack of parking space to make a bit of extra money, the city's estate agents have reported.

With individual garages in London costing thousands of pounds and car park operators charging hundreds simply to park during the day, individual garages in London costing thousands of pounds and car park operators charging hundreds simply to park during the day, increasing numbers of people are starting to rent out their own driveways to commuters.

Not only do commuters get the benefits of driving into the city to work but they also get a substantial discount on parking, better security measures and can be exempt from congestion charges.

In addition, those living in flats or houses in desirable locations with unused parking spaces can earn up to £40 a week letting others use their space, with growing numbers of online agencies keen to provide such a service.

In most cases, however, those living in rental accommodation are benefiting from reduced rents in exchange for giving up their parking space during the daytime, with the landlord taking the extra income, which is liable for income tax.
ADNFCR-1219-ID-18279551-ADNFCR

Related Articles
Tenants 'can ease financial pressures by improving energy efficiency'
People living in rented accommodation can reduce their outgoings by...

Interest rate reduction 'is not a quick fix solution'
The interest rate reduction effectuated by the Bank of England's monetary...

MPC's interest rate cut 'is not enough to stimulate demand'
Interest rates need to be cut by more than 0.5 per cent for consumers to...

Homeowners 'are getting sucked into a spiral of debt'
An alarming number of homeowners struggling to make ends meet are trapped...

Consumer confidence drops as house prices fall
Economic uncertainty, house price falls, increasing unemployment and rising...