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More people take in lodgers - study

A growing number of homeowners are taking in lodgers to help boost their finances, according to a new study.

A survey of 1,000 adults by insurance firm LV= showed that more younger couples and those on high incomes were renting out spare rooms.

The number of people taking in lodgers has increased by 15% in the past three years, mainly to help pay the mortgage or after being made redundant, said the report.

Renting out a room can be worth an average of £4,700 a year, the research found.

John O'Roarke, LV= home insurance managing director, said: "This report shows there's been a significant surge in homeowners taking in lodgers to make ends meet, or even just to make the best use of spare space in the home.

"Renting out a room is a good way of boosting household income and is also a good way for young people to get some extra income when they face the expense of joining the property ladder."

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