One in ten homeowners rent out spare rooms
Figures from Santander show that a tenth of UK homeowners are now renting out spare rooms in order to boost their incomes and make the most of the free space in their properties.
The potential profit to be made by Brits if they were to rent out all of the nation's spare rooms stands at £52 billion.
However, Santander notes that nine in ten people prefer to use their spare rooms for other purposes.
The most likely option is simply to store belongings in the space, which 37 per cent of people choose to do.
Almost as many - 35 per cent - convert their spare room into an office, while over one in ten use it for a hobby or as a walk-in wardrobe.
One way the empty space could be turned into new rental property for the nation's non-homeowners could be to improve the taxation regime associated with taking in a tenant.
Matt Hutchinson of Spareroom.co.uk comments: "It's time for the government to think about raising the rent-a-room tax-free threshold, which has not changed since 1997.
"Tax breaks available to homeowners looking to make some extra cash by taking in a lodger need to take into account rising rents and the soaring cost of living."
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- landlords ,
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- property ,
- rental property ,
- spare rooms ,
- tenants
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