ACCORDING to new research, as many as 3.2 million homeowners are planning to rent out parts of their property – or their whole property – as a shortterm let, or take part in a house swap during the next 12 months.

UK homeowners can expect to receive around £54 per room, per night in rental income – with homeowners in our region doing better than most at £62 per night, according to the research by Opinium.

The research found that of those homeowners already taking part in shortterm lets, around two thirds swap houses or rent out their whole property. More than half (58 per cent) already rent out a room in their property on a short-term basis as they seek to earn extra cash and holidaymakers look for alternatives to more traditional accommodation choices.

Although renting out a property on a short-term basis can create welcome additional income, homeowners should be aware of the risks involved. Only 29 per cent of UK homeowners who have rented out their property for a short period report never having suffered any damage to their properties.

Property damage can be expensive, with the average bill to repair or replace items reported as £326 – a collective £1.4bn. One in five received a bill of more than £500 after renting out their property short-term, while one in ten paid out over £1,000, according to the research.

Homeowners who have rented out their home for a short period say they have experienced some degree of damage to their property: 29 per cent to furniture; 27 per cent to soft furnishings; 26 per cent to windows, doors and walls; 16 per cent to electrical items and 14 per cent to white goods. One in four of these respondents reported theft of items from the house and home emergency damage, such as plumbing, heating or drainage.

It’s vital that homeowners protect their properties to ensure that income generated from the letting process isn’t eaten up by costly repair bills.

For further information log on to latimerhinks.co.uk or call 01325 341500.

Please note: This article is intended as guidance only and does not constitute advice, financial or otherwise. No responsibility for loss occasioned/costs arising as a result of any act/failure to act on the basis of this article can be accepted by Latimer Hinks.