Released on = January 15, 2007, 6:15 am

Press Release Author = Charles Cridland

Industry = Real Estate

Press Release Summary = With interest rates having risen to 5.25% last week, their
highest level for years, homeowners are now faced with escalating mortgage
repayments. Many are turning to an innovative car parking website to help meet their
repayments, YourParkingSpace.co.uk, enabling them to cash in on their empty
driveway, potentially earning up to £250 a month in rental income.

Press Release Body = Three rate rises in five months, the most recent rise only last
week, have pushed the yearly repayments on a £200,000 variable rate loan up by
£1,032 since August. With many homeowners strapped for cash, especially with the
rise coming straight after the festive period, many have decided to generate income
by turning to an innovative web based parking solution - renting out their driveway
through the parking space matchmaking site YourParkingSpace.co.uk.

There's been a surge in people registering the details of their driveways on
YourParkingSpace.co.uk since last week, many of them believed to be having
difficulties meeting their mortgage repayments. "Over the course of a year driveways
can generate between £500 and £3,000 in rental income," says Charles Cridland,
founder of YourParkingSpace.co.uk. "It's a substantial amount of money so it's not
surprising that many people facing financial difficulties are deciding to rent out
them out."

Many grim warnings have been expressed over the past week, with Peter Tutton, policy
officer at Citizens Advice, saying, "Any increase in mortgage interest rates could
spell disaster for people whose finances are balanced on the very edge of
affordability." It now appears that the rising costs have hit home, with homeowners
seeking new sources of income to meet their repayments.

With interest rates expected to increase again in the coming months this web based
parking solution could become even more popular. It's estimated that 11 million
people have been affected directly through higher mortgage repayments as a result of
the interest rate change, millions of whom own some form of off-street parking.

"It's unfortunate in a way that we are benefiting from people's struggles to meet
their mortgage repayments but people are seeing this as a potential
income-generating solution. As the awareness of this idea becomes more widespread
there could even be a further boost in the price of houses with off-street parking,
further benefiting those with financial difficulties," says Charles Cridland.

YourParkingSpace.co.uk was launched in July 2006, a site designed to match people
who require parking with the owners of off-street parking.

Web Site = http://www.yourparkingspace.co.uk

Contact Details = YourParkingSpace.co.uk
74 Gainsborough Road,
Richmond,
Surrey
TW9 2EA
Email: info@yourparkingspace.co.uk