UK Money News
14th August 2008
Lodgers could rake in £63.4bn for homeowners
Homeowners who do not rent out a spare room are missing out on a total of £63.4 billion in income annually, it has been revealed.
This is the claim of Abbey, which based its calculations on the fact that 18.2 million homeowners currently have a spare room that they are not letting out.
The average rent which a homeowner can expect from a tenant was found to be £289 per month - equating to an extra annual income of £3,468.
Phil Cliff, director of Abbey Mortgages, urged consumers struggling with higher living costs to consider taking in a lodger to offset their higher expenditure.
Mr Cliff commented: "With income being squeezed in so many ways, those looking to raise some extra money may find that their spare room could provide the answer.
"Demand for rooms is likely to be fairly high too and with the government providing tax free incentives for landlords, now is certainly a good time for those considering taking in a lodger."
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