Buy-to-let insurance holders should consider renting out their parking spaces as an additional way of generating revenue, an expert asserts.
Al Elliott, owner of the Homeowners Advice Centre, claims those with property in prime areas such as city centres have the greatest potential for profiting from this practice.
He suggests people with houses in areas near major sporting or exhibition centres are particularly lucrative, which could aid buy-to-let insurance holders.
"Once-in-a-lifetime events like the London Olympics will provide opportunities for short-term cash for those owners lucky enough to be within the right area," he asserts.
Mr Elliott claims parking space letting is unlikely to push up the prices of properties which are suitable for the practice unless the seller establishes a formal agreement.
A recent survey by YourParkingSpace found a driveway in London could generate an additional £3,632 for the owner, while a place in Leeds could create an extra £1,749.
