DEMAND for parking in Oxford city centre has fuelled a ‘buoyant’ market in people letting out their own spaces.

Residents can earn up to £150 a month for renting their unused driveway or garage to a commuter in need, according to an Oxford lettings agent.

With city car parks often full and expensive, drivers are increasingly turning to the private market in order to guarantee themselves a spot.

A spokesman for Scottfraser Summertown, which has recently had a number of parking spaces available to rent, said this side of their business is steadily growing.

Although it remains quite a niche market, usually saved for commuters, there is increasing need for businesses to rent extra spaces for the use of their staff as well.

Even residents who need an extra space – especially if they live in one of the city’s permit-only streets – have also shown an interest in renting.

He added that these spaces are in short supply, as most people who have access to them use them.

It is also rare for people to buy parking spaces specifically to let out – it is more likely that they would buy parking or a garage for personal use.

Scottfraser lettings manager Zoe Warwick said: “We’ve seen spaces in the city centre go for up to £150 a month.

“The average price has come down a little in recent years to around £120 due to more becoming available.

“We find it is generally people who come to Oxford from overseas who have the spaces to rent because they usually don’t wish to use a car while they are here.

“In places like Gloucester Green there is also underground parking facilities and you will often get the space rented out separately to a flat.”

Various apps have been launched to help people rent out their parking spaces.

Last year YourParkingSpace said it had 282 people using its app in Oxford and they were making an average of £1,360 each year - the eighth highest amount in the country.

A further 250 people were using the app JustPark with large clusters being advertised near the John Radcliffe Hospital.

Oxfordshire County Council has long wanted to introduce a workplace parking levy that would charge businesses in Oxford based on the amount of parking spaces they own.

Scottfraser has a batch of eight spaces in one gated location currently available in North Street on Osney Island, just off Botley Road.

Michael Joubert, associate director, said: “Eight spaces, in one location, available at the same time is rare, especially in Oxford city centre where parking is scarce at the best of times.”

Call Scottfraser Lettings on 01865 554577.