Cash-strapped home owners taking in lodgers
Cash-strapped home owners taking in lodgers
Monday 22nd September 2008
Over the last year, SpareRoom.co.uk found that the number of homeowners renting out a room has grown by 27,000.
Mark Huthchinson, director of research at the site, said the trend is indicative of the extent to which people's household income has been squeezed by the credit crunch and the higher cost of living.
"Just over 70 per cent of live-in landlords are single. Without a partner to share the huge jumps in mortgage payments and other living expenses, and to provide a cushion in the event of unemployment, taking in a lodger is an obvious way to survive the looming recession," he said.
The areas where lodgers are most in demand included Carlisle, Stoke on Trent, Walsall and Wigan.
Homeowners concerned over their ability to pay their mortgage debt are urged to seek professional debt advice over possible solutions such as individual voluntary arrangements (IVAs) and debt management plans (DMPs).
SimpleIVA - Expert and Confidential IVA advice
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