Boost your finances by taking in a lodger

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by Kay Murchie

Rising mortgage payments and higher food and energy costs has meant that many homeowners’ finances are being stretched to the limit.

In a bid to help with the mortgage payments, there has been an 8.3% rise in homeowners taking in lodgers in the last 12 months, according to research from SpareRoom.co.uk.

The flatshare website discovered that an extra 27,000 homeowners took in a lodger over the last year with the fastest growth in demand for lodgers in the north-west and the West Midlands.

Many towns in the south-west, traditionally less likely to take in lodgers, are also experiencing strong demand while London, Glasgow and Edinburgh have seen the weakest growth in demand for lodgers.

According to SpareRoom.co.uk, over the course of this year, homeowners will earn £2.32 billion in rental income from their spare rooms, an increase of £162 million compared to last year.

According to Matt Hutchinson of SpareRoom.co.uk, tenant demand is rising as first-time buyers postpone buying a house due to the mortgage squeeze and falling house prices.

SpareRoom.co.uk maintain that 70% of live-in landlords are single so without a partner to share increases in mortgage payments and other rising living costs, taking in a lodger is a good way to weather the current storm.