West London homeowners could save tens of thousands of pounds in mortgage payments by renting out their driveways and parking spaces , according to new research.

It shows that the opportunity would be most valuable to first time buyers, who could start making monthly overpayments as soon as they move in.

The capital’s residents have the potential to save the most in overall interest, with west London featuring highly in the UK’s 20 hotspots for potential mortgage interest savings in London.

The figures, from parking service spacehopper , show residents in Westminster can shave three years and one month off their mortgage, saving more than £60,000 in interest.

Neighbouring Kensington and Chelsea denizens can save £30,000 in interest if they rent out their driveway for £125 a month.

UK locations where most interest can be saved

Area First time buyer property price (£) Monthly driveway rental earnings (£) Total time saved in years Total interest saved (£)
Westminster 932,058 250 3 years, 1 month 60,424
Camden 740,679 167 2 years, 8 months 41,169
Southwark 447,557 169 4 years, 2 months 38,904
Lambeth 465,362 167 4 years 38,759
Wandsworth 549,090 142 3 years 34,472
Kensington and Chelsea 1,149,307 125 1 year, 4 months 32,596
Hackney 516,597 125 2 years, 10 months 30,579
Richmond 515,573 123 2 years, 10 months 30,137
Islington 626,618 110 2 years, 2 months 27,765
Newham 344,968 117 3 years, 10 months 27,391

Hammersmith and Fulham and Harrow residents are also among the biggest winners in the UK , featuring in the top 20.

Panos Pantazis, a homeowner from Wembley , has been renting out his driveway with spacehopper for six months now. He said: “Using spacehopper is a great way to earn some extra cash.

“By renting out your driveway you can earn some good money so using this to pay off part of your mortgage is an excellent idea. I earn up to £200 a month from renting out my driveway and had never considered using this to reduce my mortgage until now.

“The service is easy to use and is very convenient - even if you work full time.”

People living in other major UK cities can also cash in.

First time buyers in Liverpool, where parking spaces can be rented out for £150 a month, could reduce their mortgage by a massive 11 years, three months, saving nearly £24,000 in interest.

Another driveway hotspot is Leeds, where first time buyers could take 7 years 11 months off their mortgage by renting out their driveway for £120 a month. This would also mean a saving of over £23,000.

West London locations where most interest can be saved

Area First time buyer property price (£) Monthly driveway rental earnings (£) Total time saved in years Total interest saved (£)
Westminster 932,058 250 3 years, 1 month 60,424
Kensington and Chelsea 1,149,307 125 1 year, 4 months 32,596
Hammersmith and Fulham 664,831 87 1 year 7 months 22,441
Harrow 389,502 91 2 years, 9 months 22,348
Hounslow 360,185 83 2 years, 9 months 20,414
Ealing 434,864 83 2 years, 4 months 20,798
Hillingdon 348,382 67 2 years, 4 months 16,777
Brent 422,476 75 2 years, 2 months 18,913

spacehopper director Alex Walker said: “It’s becoming increasingly tricky for first time buyers to get onto the property ladder. And once they’re on there, the idea of spending 30 years paying off your mortgage can be daunting.

“Peer-to-peer parking can provide a welcome source of revenue for enterprising homeowners, who can turn their own parking spaces into extra cash. The appeal is that the property starts to pay for itself. And we’ve found that putting this cash towards an overpayment on your mortgage will really speed up people owning their own home – and save a lot of money at the same time.”

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