Property TV star Michael Holmes shows how to make your spare room pay

Households could be making £38 billion a year by renting out a spare room, according to research from Big Yellow Self Storage.

The self storage company says renting out a spare room could generate an extra personal income of £320 pcm, or £3,840 over a whole year.

The research found how 36 per cent of us have a room filled with 'junk', and one in three would definitely rent out a room to generate more income.

Michael Holmes, one of the UK’s leading property experts and presenter from BBC1’s Trading Up, ITV’s Don’t Move Improve, UKTV Style’s decluttering programme Scrubbers and the soon to air I Own Britain’s Best Home, said: "The survey showed some really interesting findings and there are many more options for those looking for cash savings from storage."

In the video below, Michael offers advice for anyone thinking of renting out their spare room.