Money saving tips: Drivers can earn £2,500 a year using their own driveway

At the opposite end of the scale, those in Stoke-on-Trent could earn an average of £91 per month renting out their space, the lowest of any city investigated.

Leicester and Derby followed as the second and third cheapest places, with an average monthly parking price of £99 and £100 per month.

However, drivers who are thinking of renting their driveways have been urged to take certain steps to stay safe and ensure the money reaches their bank account. These are:

create a contract

Make it clear that you are not responsible for damage to someone else’s vehicle on your property.

READ MORE: ‘Miraculous’ cleaning hack can defrost windshield using common 95p item

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