Homeowners could make more than £63 billion extra per year by renting out spare rooms in their property, according to new research.
Findings from a study by Abbey revealed that over 18.2 million homeowners have at least one spare room in a house.
With the average monthly rent for a room at £289 per month, Brits with a spare room could raise £3,468 extra each year, showed the survey.
Nearly 400,000 homeowners are renting out a room already which is making them a combined total of £1.1 billion annually.
Phil Cliff, director of Abbey Mortgages, said that as income is "being squeezed" in so many ways, renting a spare room could be the way forward for those looking to raise more money.
"Demand for rooms is likely to be fairly high too and with the Government providing tax free incentives for landlords, now is certainly a good time for those considering taking in a lodger," he stated.
Meanwhile, a study by moneysupermarket.com showed that a third of Brits are worried they will not be able to pay to heat their property during the winter.
News by Adfero for Simply Business - independent providers of landlord insurance, buy-to-let mortgages, public liability insurance, business finance & commercial mortgages.