Indeed over 18.2 million homeowners have at least one currently uninhabited spare bedroom. And with the average monthly asking price at £289 per month, Britons with a spare room could raise £3,468 extra each year.
Abbey Mortgages' research also showed that some 388,000 homeowners are already renting out one of their spare rooms, which is netting them combined £1.1 billion annually. And a further 1.6 million are seriously considering doing so - worth a potential £5.6 billion.
However, if your client is a mortgage payer, Abbey Mortgages points out that while the vast majority of lenders allow borrowers to take in a lodger with the minimum of hassle it's always best to check both the mortgage lender's and insurer's terms and conditions.
Phil Cliff, Director of Abbey Mortgages, commented: "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. Demand for rooms is likely to be fairly high too and with the Government providing tax free incentives for landlords, now is certainly a good time for those considering taking in a lodger."
