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Recession prompts lodging boom

Monday, 7 November 2011 4:42 PM

Renting out rooms to lodgers is on the up as homeowners search for ways to bring in extra income, according to figures from SpareRoom.co.uk.

The flat and house-share website recorded a big rise over the last two years, particularly in the South West.

Truro enjoyed the biggest boom, with an 89 per cent rise in live-in landlord numbers over the last two years, perhaps in accordance with increasing house prices.

The Bank of Scotland estimates that house prices in the city have climbed by 121 per cent over the last 10 years.

Another possible reason for the Cornish city's popularity is its high number of jobs, with many landlords renting out a room in their home Monday to Friday for those wishing to avoid commuting.

Exeter and Taunton also feature in the top five, with Exeter enjoying an 84 per cent hike in live-in landlords and Taunton 65 per cent.

Matt Hutchinson, director of SpareRoom.co.uk, said: "The rise of the lodger has been a feature of the financial mire that the UK finds itself in, with cash-strapped homeowners trying to find ways to boost their incomes to pay escalating bills.

"Is there an easier way to make a tax free income of £4,250 a year?

"From the lodger side, renting a room during the weekdays is often a lifeline for those who need to move for work but don’t want to – or can’t – sell their house."

Scotland's third largest city, Aberdeen, also made it into the top three with an 87 per cent rise.

London on the other hand only saw a 22 per cent rise over the same period, although this could be down to live-in landlords having already been a feature of the rental market in the capital before the credit crunch hit.

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