Home Owners Turn To Lodgers In a Bid To Boost Income

17 October 2012 Categories: News

Home Owners Turn To Lodgers In a Bid To Boost Income

A new study, conducted by the LV Insurance Group, has estimated that nearly one million home owners will be taking in a lodger during the course of this year in a bid to boost their income and make life a little bit easier. This figure is nearly double that of last year. The study, which asked over 2,000 individuals about their finances, revealed that reductions in benefits and a continual rise in the cost of living were the main reasons for home owners becoming landlords, and in the vast majority of cases it was seen as a last resort.

Managing director of LV Insurance, John O’Roarke, commented on the findings of the study by saying, ”As people struggle to keep on top of their bills and mortgage payments, it makes sense to look for other sources of income.

“For home-owners that have a spare room, taking in a lodger can be a great way of getting in some extra cash.”

One other thing of interest that the LV study showed was a rise in the average age of lodgers in the UKI; which incidentally stands at 29, although a growing number are now in their early to mid-40s. These figures show that not only is property ownership becoming a rarer thing, even in later life, but private renting may also be edging towards unaffordable for single people.