Lodgers could add £3k to property owner income Published: 15/08/2008

Property owners could make an extra £3,468 a year by renting out their spare room to lodgers, experts have advised.

Research by Abbey Mortgages found that there are 1.6 million homeowners thinking about renting out an unoccupied room in order to increase their income during the credit crunch.

Collectively, they could make £63.4 billion extra a year by getting a lodger in, according to the survey.

There are around 18.2 million homes which have a spare room in their property and 388,000 homeowners have already rented their rooms out to lodgers.

Phil Cliff, director of Abbey Mortgages, said: "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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