OXFORD is the seventh most lucrative place in Britain, outside London, for residents to rent out their driveways or garages for parking.

On average, households in the city can make £1,176 a year — £98 a month — by renting out property as a parking space, according to the specialist letting company Park Let.

The firm, which lets out more than 100 parking spaces in the city, said the average monthly rent being charged has risen by £7.84 compared to last year.

Since the firm began in Oxford in 2004, monthly rents have risen by almost a third and city households bring in more cash on average than residents in Birmingham and Edinburgh.

Park Let managing director Luke Kelly said: “The fact Oxford is seventh in the league table is mainly due to the availability of spaces in the city, or lack thereof.

“The actual main commercial centre is fairly small and under stringent planning controls, so the demand for monthly car parking spaces is outstripping supply.”

Headington city councillor David Rundle said: “Somebody’s drive is private space, so we can’t question them hiring it out.

“The point is we should make sure people don’t need to rent these spaces and that would mean a significant increase in spaces at our park-and-rides and an increase in the quality of bus services.”

Liverpool topped the survey with residents making an average of £123 a month from hiring out their driveway.

Sloane Avenue was the most profitable area of London, with households able to charge an average of £538 per month.

Have you rented out your driveway or garage? Call 01865 425425 or email news@oxfordmail.co.uk