Crest Nicholson has reported a surge in 'Rent-A-Room' activity
following an increase in homeowners choosing to welcome a tenant at
its Park Central development in Birmingham.
Consisting mainly of first time buyers, entrepreneurial
homeowners are sharing their second bedrooms with rent paying
friends in the two bedroom apartments at Park Central, helping
cover monthly outgoings including mortgage repayments, utility
bills and council tax.
Last month, dailymail.co.uk reported that living with another
person saves the homeowner £3,500 a year compared to living
alone. For those living in a multi-person household it costs around
£10,500 a year, including essential bills and non-essential
items such as night outs and going to the gym, but for those living
alone this figure rises to just under £14,000 a
year.
Ruth Williams, sales manager for Park Central says: "Homeowners
at Park Central are increasingly easing the financial cost of
living alone by taking in a lodger; particularly first time buyers
who are wishing to get on the property ladder but who also want to
enjoy living with friends. The recent increase in renting a
room shows just how easy it can be to rent out a room, especially
since our large living rooms and spacious kitchens offer the
perfect communal area.
"By renting out a bedroom you are not committed to a standard
length of tenancy so you have the added benefit of choosing how
long the living arrangement suits you. Many homeowners at Park
Central are enjoying living with a friend and are reaping the
benefits of city centre living unhalted by financial
restraints."
Many homeowners at Park Central can benefit from the
government's Rent-A-Room scheme whereby anyone who owns a property,
and uses it as their main residence, can have a tenant. Under the
Rent-A-Room scheme the homeowner is entitled to a tax free income
of up to £4250 a year.
Research by the SpareRoom website found that 78 per cent of
homeowners could cover their average mortgage arrears by taking
just £82 a week in rent from a lodger.
Combining a range of apartments, duplexes, penthouses and
freehold townhouses, Park Central has created a vibrant new
community in Birmingham city centre. Bordered by Bath Row and
Lee Bank Middleway, and just minutes from The Mailbox, it is a
national award winning residential development. Lower
Parkside, the latest phase of the development, offers a range of
two bedroom apartments alongside highly exclusive two, three and
four-bedroom freehold townhouses. Prices start from £145,000
for a two bedroom apartment including spacious terrace. Two stylish
show homes are also currently open to view.
For more information on Park Central, please call the sales team
on 0121 666 4666. Alternatively visit the marketing suite, which is
open daily from 10am to 5pm and is located at Park Central, 2 Mason
Way, Birmingham B15 2EY.