The legislation governing parking on public roads empowers road authorities to make bye-laws governing the type of paid parking systems they wish to employ (e.g. disc parking) and to control the charges and conditions which apply. Road authorities may provide residents with parking permits which give them an exemption from the need to pay for parking on roads where they live. The criteria for the granting these permits, the fees (if any), and any other conditions are matters for each road authority. What the legislation does not allow is a system where individuals would be given proprietorial rights to specific parking spaces on public roads.
The issue of legislating for residents-only parking has arisen a number of times over the years. However, the legal issues arising are significant. There is a principle that the public road is public property and exists for the benefit of all the public. It is highly possible that any attempt to limit the use of part of a public road to a particular class of individuals (such as residents) would be open to legal challenge.
There is also the problem that, if residents-only parking were to be introduced, real proprietorial issues and matters of legal liability might arise. This could see residents liable to maintenance costs, and/or facing legal liability if people were, for example, to be injured on a section of the road reserved for them.
In the light of these concerns, I have no plans to change the laws or regulations in relation to residents' parking.