Many families will be feeling the purse strings tighten amid the ongoing cost of living crisis and increase in energy bills and daily goods. 

Some have taken it into their own hands with plans to budget or make the hard decision to cut back on some of the luxuries in life. 

But now, there's a new way that Londoners can earn more than £7,000 a year, and it's as easy as pressing a button.

It comes as a recent study by the car insurance team at Comparethemarket has revealed a simple trick that could be right in front of your house. 

Londoners can earn an extra £7,000 a year

If you want to earn some extra money, then all you need to have is an unused parking space. 

In some areas, a parking space could add an extra £14,000 to a property's value.

London sees these simple spaces as gold mines, with the opportunity for locals to earn extra sitting on your driveway.

The average monthly parking space charge for London is around £587, seeing those lucky enough to have a spare space, potentially earning £7,043 extra a year. 

News Shopper:

Tips for renting out your parking space

Before you hunt around for the best rent parking spaces apps and websites, you might want to consider a few key things. 

Have a contract: Make sure you are clear that you’re not responsible for damage to someone else’s vehicle on your property.

Be aware of permits: Make sure you don’t need an additional parking permit to park in the space. If you need a council parking permit you cannot rent that space, even if it’s allocated to you.

Have proper permissions: If you’re a renter, it’s important to have permission from your landlord to rent out the parking space, as this is technically subletting and could go against your tenancy contract.

Add security measures: Adding extra security, such as lights and CCTV, will not only make your parking space more appealing to renters but also help to deter thieves.

Check your home insurance: Some providers may restrict coverage for people renting out their parking space or garage. It’s important to notify your provider, understand what insurance coverage you have and add any additional cover you may need.

Your Money Matters

Your Money Matters is a campaign launched by us and our sister titles across Newsquest to help you overcome the surge in the cost of living.

This year has seen a whole host of household price increases — from the energy price cap rise to surging inflation and food prices — costing your family hundreds or even thousands of pounds extra per year.

We’re making it our mission to look out for your cash, offering money-saving deals, competitions, giveaways and insightful stories from your community on the impact this cost-of-living crisis is having on our readers.

The worldwide energy crisis exacerbated by the Ukraine invasion, the financial impact of the Covid pandemic, record inflation figures and a surge in the cost of goods, fuel and travel means we will all feel the pinch.

Through our newspaper, we want to do what we can to help make your cash go further because we know your money matters.