Families rent out rooms to pay bills

Struggling families, who were faced with inflation of 2.7 per cent in October, are looking for alternate ways to raise income, such as renting out rooms in their homes, a home rental specialist claims.

Mortgage repayments soared to a 42 month high last month, affecting 1.5 million families on standard variable rate loans.

With energy prices and fuel bills also on the rise, Vive Unique says that their clients are cutting back on luxury items and holidays.

“Many of our clients rent out their homes while they are away on holiday and use the extra income to pay for their travels or to pay for new kitchens and other home improvements. They are used to a high standard of living and see home rentals as a way of maintaining affluent lifestyles in difficult economic times,” said Claire Whisker, co-founder of Vive Unique.