15% Increase in the Number of Homeowners Renting Their Spare Rooms

‘LV=’, a home insurance Company, carried out a survey, which revealed that a large number of homeowners are increasing their income by renting their properties. The majority of these homeowners are young couples, the results of the survey revealed. In addition, the homeowners, who earn relatively high, take in lodgers in their spare rooms.

Around 1,000 adults participated in this survey. The survey reported a 15% rise in the number of homeowners, depending on lodgers to increase their finance or to pay the mortgage. According to the survey, the cost of renting a room for a year reached £4,700.

The survey added that the majority of lodgers are students, mainly those coming from overseas countries. One of the residents of Fulham, South-West London, said that after her daughter left the house for university, she started taking in language students coming from overseas. She said that £120 each is being paid by them for a week’s stay, which has helped her with her finances.

However, some of the homeowners faced difficulties with the lodgers as some of them just did not respect the house or the house rules. Still, John O'Roarke, the Managing Director of LV=, believed that, "Renting out a room is a good way of boosting household income and is also a good way for young people to get some extra income when they face the expense of joining the property ladder".