Some 60% of rooms in the UK are rented for more than £4250 per year. In London this figure rises to 91%. Even more startlingly, 78% of UK homeowners could cover the average mortgage arrears by renting out a spare room.
The NLA is supporting the "Raise the Roof" Campaign which is lobbying for a tax-free threshold increase to £9000 per year. Not only could the increase help to prevent repossessions but it could add much needed affordable housing stock.
David Salusbury, Chairman, NLA, said: "There is no way of telling just how many potential ‘live-in’ landlords are not letting out their spare rooms because of the hassle-factor of having to complete a self-assessment tax form. Today we are sending a clear message to the Chancellor: a fair deal for those looking to rent a room by increasing the tax-free threshold will help homeowners and the economy. It is a win-win situation that helps both parties and it is about time the exemption reflected the increase in market rents."
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