Yorkshire Post - Property
Nice little earners and a slow down
With energy costs set to rocket,
looks at ways of making money from your home.
There are a surprising number of options, though by far the most lucrative and tax efficient is to take advantage of the Government’s rent-a-room scheme.
This allows you to earn up to £7,500 per year tax-free from letting out furnished accommodation in your home or in an annexe attached to your home. If it is a stand alone annexe the tax-free rules do not apply.
For years this scheme was aimed at those taking in a lodger but its reach has been extended to include those who offer bed and breakfast or who rent rooms for the night, often via the AirBnB booking website.
The increased pressure on household finances, as well as the geopolitical uncertainty due to the tragic events in Ukraine, look set to act as a drag on buyer demand later this year, according to analysts at property portal Zoopla.
They believe this will ease the upwards pressure on pricing, although the continued constraints on supply will sustain them. Zoopla predicts that these factors signal that potential sellers currently have a window of strong buyer demand, especially those selling family houses.
A slowing of house price inflation is not a bad thing as only those downsizing, selling a deceased estate or jumping off the property ladder altogether benefit from it.
A lull will be heartily welcomed by wouldbe first-time buyers desperate for a home of their own.