Renting spare rooms is 'missed opportunity'
Homeowners are missing out on £63.4 billion by not letting out their spare rooms to people who wish to rent property in London.
Findings from Abbey have revealed that over 18.2 million homeowners have at least one uninhabited spare room that could be let at the national average of £289 a month.
The survey also shows that those joining the government's rent-a-room scheme can receive up to £4,250 tax-free rental income a year.
"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," said Phil Cliff, director of Abbey Mortgages.
Statistics show that renting is already a common option with many. Some 388,000 homeowners already rent out one of their spare rooms.
This is netting homeowners more than £1.1 billion per year, with an additional 1.6 million people considering renting out a spare room in the future.
The government's rent-a-room scheme is an optional exemption scheme that lets homeowners receive income from renting furnished accommodation in their home.
Published 14th August, 2008
© 2008 Estates IT Limited
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Homeowners are missing out on £63.4 billion by not letting out their spare rooms to people who wish to rent property in London.