A recent survey commissioned by the RAC Foundation found that nearly a third of motorists have experienced parking rage.

Controlled parking zones, too few spaces and extortionate prices all add up to a pretty stressful experience and it is thought that a large proportion of the congestion in our cities is made up of motorists driving round looking for a parking space.

The RAC report also found that 29 per cent of people have given up a journey and gone home when they couldn't find somewhere to park. But giving up isn't very practical if you're trying to get to work, so motorists are now looking for more creative solutions.

For some years, people with unused parking spaces have been cashing in on their most valuable asset by selling them off to commuters, but with parking problems in the capital reaching a peak, prices are following suit.

Last year, one parking space in Kensington was sold for £100,000 more than the price of a three-bedroom house in many parts of the country. But if you don't have the cash to buy a space, renting could be the answer.

Rental prices vary but, in central London, you should expect to pay upwards of £40 per week for a single-car parking space, which often makes it cheaper than the daily rates in car parks.

Naturally, the highest prices are to be found just outside the congestion charge zone or in popular, central areas that have good links to the Tube, but prices do come down further into the suburbs, making it a more affordable option.

Despite the cost, many people find it a small price to pay for the convenience and peace of mind that having a guaranteed space brings and this is especially true for women who travel on their own and who are understandably wary about leaving their cars in multi-storey car parks or dark side streets.

For home-owners lucky enough to have one of these elusive, unused parking spaces, it can provide a great source of extra income, although the benefits are not purely financial.

Having a car parked on your driveway gives the impression that someone is at home and adds an extra feeling of security for those who are out at work during the day, something that many people will find comforting.

Home-owners with parking spaces to rent use a number of agencies in London to can act on their behalf. Using an agency means that, not only can they advertise your parking space to a wider audience, they can also offer peace of mind by dealing with all the details for you.

Usually, tenants will sign a contract for an agreed period of time, which will set out exactly when they have the right to use the space.

An agent will also take responsibility for collecting the rent and issue your tenant with a parking permit to make sure that only they use your space.