Homeowners 'taking in tenants'

Posted: 19 Sep 2008 13:26:41 GMT

            Property News - Homeowners 'taking in tenants'

There has been an 8.3 per cent increase in the number of homeowners taking in lodgers over the last 12 months as people attempt to find extra cash for their mortgage payments.

Research from SpareRoom.co.uk, a flat-share website, revealed that an extra 27,000 homeowners took in a tenant during the last year, as higher mortgages and living costs took their toll.

Matt Hutchinson, director of research at SpareRoom.co.uk, explained that there is a large opportunity for homeowners to become landlords, as tenant demands is so high.

"Tenant demand is booming as tens of thousands delay buying their first home and immigration continues to rise," he said.

"Just over 70 per cent of live-in landlords are single. Without a partner to share the huge jumps in mortgage payments and other living expenses, and to provide a cushion in the event of unemployment, taking in a lodger is an obvious way to survive the looming recession."

The website also estimated that homeowners will earn £2.32 billion from renting out their spare rooms in 2008, up £162 million compared to 2007.

Earlier this month, interior design firm Architect Your Home claimed that landlords can attract the "best tenants" by redecorating their flats and houses in the style that young professionals are looking for.

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