Nearly 5 million homeowners have already considered renting out their home or a room as the recession begins to hit home, new research reveals.

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Following record falls in property values over the last twelve month, new research from the professional advice website, Unbiased.co.uk reveals that nearly 5 million homeowners have already considered becoming ‘reluctant landlords’. 

Landlords at Home: Saving Money by Renting a Room

A third of this group are considering renting their property because they cannot sell it without making a loss in the current property market conditions.

The research also reveals younger homeowners are hardest hit by this downturn in the property market, with a quarter of cash strapped 18-34 year old homeowners considering renting out their home or taking in a lodger, while nearly 400,000 in the same age group already have a lodger. 

Landlords in London on the Increase

Londoners are most inclined to look for additional rental income, with 190,000 taking in a tenant to make ends meet.

The research goes on to highlight how the majority of those considering the move to becoming a landlord have felt the brunt of the rocky property market.  280,000 homeowners have considered renting because they want to sell their home but can’t find a buyer and a further 200,000 need the rental income to enable them to buy elsewhere.  In support of this, the National Landlords Association calculates that as many as 43 per cent of landlords have come into the residential letting market by chance.

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