Cash-strapped Brits increasingly turning to lodger income
15th Oct 2012
A greater number of people across the UK are soon going to be turning to a new avenue to make money, after it was revealed that making use of lodgers can be a great way to bring in money.
With the cost of mortgages remaining high, and the fact that the average owners of properties for sale are seeing their real wage increases remaining flat, many are looking for additional ways to bring in money.
According to LV, this has led to a doubling of the number of people across the country who are now letting out a room to a lodger, with 954,000 people undertaking this venture as a way of making sure they have enough to pay their bills and their mortgage month-to-month.
The recent change from the government in what people can earn from benefits has also had an impact, with four per cent of Brits saying they had taken in a lodger to make up for their shortfall in this area.
However, there are also risks, with 20 per cent who have taken in a lodger saying that their home has been damaged in some way as a direct result of their new tenant.
John O'Roarke, managing director of LV home insurance, comments: "As people struggle to keep on top of their bills and mortgage payments, it makes sense to look for other sources of income. For homeowners that have a spare room, taking in a lodger can be a great way of getting in some extra cash."
Posted by Staff Writer: Ewan Robertson
© Zoopla Property Group Limited