DRIVEWAYS in Oxford are among the most lucrative in the UK and can earn owners up to £3,300 per year, according to a parking app. 

Data released today by JustPark has revealed that homeowners with empty driveways could be making significant money by renting them out to those who need a place to park. 

When compared to other driveways across the country (where average annual earnings can range between £360 and £1,800), Oxford is third only after London and Brighton in terms of earning potential.

Locations close to train stations, shops, music venues or sports stadiums all increase the value of the driveway. 

READ AGAIN: Estate Agents cash in by renting private parking spaces

A recent study by Direct Line Car insurance highlighted that driveways across the UK are collectively earning over £3.8billion annually and 3.5 million Brits are renting out their parking space.

This number has the potential to more than double, as a further 4 million Brits have said they would consider renting out their driveway to bolster their income.

JustPark CEO, Anthony Eskinazi, said: "Driveway rental also provides a boost for the local area and economy.

"Utilising these empty spaces provides much-needed spots for visiting drivers to park in, while also putting money back into the pockets of local people. It's a win-win arrangement."