A report by a leading insurance company reveals that more and more UK homeowners are becoming landlords in their own home.
The live-in landlords report estimates that almost half a million home owners may be seeking some sort of landlord insurance on their own property as they are taking in lodgers to help pay the bills.
According to the report between 200,000 and 220,000 homeowners now have a paying lodger living with them. The figures collated, indicate a 15% rise in just the last three years, meaning that there are as many paying guests living the UK now as there were fifty years ago, before the housing and house price boom.
The demographic of the ‘lodger-landlord’ has changed as well. Ten years ago it was high income singles who generally advertised for house sharers/lodgers, now it appears young couples and the over 50’s are looking for someone to share the burden of their mortgage.
John O’Rourke, a director of a big insurance company, said, when speaking about the advantages of getting someone to share their bills “Homeowners do need to be aware of their rights and responsibilities as a lodger-lord. Accidents happen and problem lodgers can be a real headache, so families should always inform their insurer before they let someone move in to their property.”
It seems more than likely that with the coming spending review by the Coalition Government, and the inevitable national austerity that will follow, that the next few years these figures will inevitably rise. Landlords in general will be looking for cheap landlord insurance as they look to buy more properties to take up the slack in the housing market. derly people and we are delighted to be working with them. Charities need to keep a close eye on their running costs, so we hope the New Master can help thanks to its huge capacity and incredible fuel economy in its class, achieving up to an impressive 870 miles on a single tank.”
Age UK came about with an amalgamation of two well known charities, Age Concern and Help the Aged. The charity is well known for its sterling work with old people throughout the land which includes advocacy advice, help in the home, day centres and other help and advice schemes.