Site spots 'reluctant landlord' trend

19/05/2009

Millions of Brits could become "reluctant landlords" - forced to rent rooms out of their own property due to money worries.

According to new figures from financial website Unbiased.co.uk, almost five million people are considering taking the drastic action.

The recession and the credit crunch has made mortgages harder to pay off than before - with repossessions numbers revealed to be on the rise by a Council of Mortgage Lenders poll released last week.

Houses have also become harder to sell in the current financial climate.

As a consequence, people have been looking for other ways to shore up their finances - and the Unbiased.co.uk poll suggested that 400,000 homeowners aged 18 to 34 years old have already taken in a lodger.

Richard Winder, a spokesman for the site, said: "The boom years created a wave of have-a-go landlords attracted by the promise of rising property prices and cheap buy-to-let finance.

"Now we're seeing a new wave who may end up reluctant landlords because they need more money and don't want to sell up in the current market."

Tags; Housing Debt and Bills, Young Family Finances, Recent Graduate Debt,

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