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One in 10 homeowners rent out spare rooms

The research shows that there is currently a potential £52billion of rental income to be made in the UK from renting out spare rooms.

However, nine out of 10 people (92%) with a spare room still choose not to rent it out though there are 3.7 million homeowners who have considered doing so.

More than a third (35%) of those who rent out a spare room do so to help out a friend or family member. A further one in five (18%) do so because they need the additional income to meet their outgoings while 17% need the money to supplement their disposable income.

Homeowners in the South of the UK accumulate the most amount of rental income from their spare rooms. One in seven (14%) people in the South West and one in ten (11 %) of those in the South East rent out a spare room. Meanwhile Brits living in the East Midlands (4%) are less enthusiastic about taking in a lodger.

Three-quarters of UK homeowners would not consider renting out a spare room with more than half of them (52%) not wanting to do so because they don’t want a stranger in their home. One in three Brits keep the spare room free purposely for guests, 21% do not need the additional income and 21% use the room for storage. 

Phil Cliff, Director of Santander Mortgages, said: "It’s interesting to see that so many Brits are weathering the economic storm and showing such entrepreneurial spirit by renting out spare rooms in their home.

"This can make a real difference to how much money you have left at the end of the month. However anyone with a mortgage who is renting out a room should speak to their mortgage lender first to check they aren’t breaching the terms and conditions of their agreement."

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