Mortgage Strategy - Govt needs to update Rent a Room scheme to help tackle housing crisis
Tags: Mortgage Strategy, Press Commentary
With millions of underoccupied homes in the UK, Trinity Financial product and communications director Aaron Strutt says it’s “astonishing that successive governments have allowed the Rent a Room scheme to remain unchanged for so long”.
The UK government announced the £7,500 tax-free limit for renting out a spare room in July 2015, during former Chancellor George Osborne’s Summer Budget. It later launched on 6 April 2016.
With an estimated 28 million spare bedrooms across England, Scotland and Wales, it seems madness that so many rooms remain unused while people struggle to find somewhere affordable to live.”
Mr Strutt explains: “A sensible, up-to-date policy that offers financial incentives alongside appropriate safeguards for both homeowners and lodgers could make a real difference.”
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