WANSTEAD/WOODFORD: Families could cash in on Olympic home rentals without moving out (From East London and West Essex Guardian Series)

WANSTEAD/WOODFORD: Families could cash in on Olympic home rentals without moving out

1:35pm Wednesday 8th February 2012 in Redbridge News By Clare Hardy

HOME owners may not have to move out to make extra cash from them during the Olympics.

Estate agents recently estimated that families and landlords in Wanstead and Woodford could make as much as £2,500 a week by renting out their homes to sports fans or corporate clients during this summer’s Games.

But South Woodford-based company RTG Publishing, of George Lane, is linking householders from the area who have a spare room or two with people who want a place to stay.

Director Stephen Worsfold said: “It’s for people who don’t want to go down the hotel route or can’t afford or don’t want to hire a private place for the week.

“Quite often, people just want a room plus a bit of breakfast – somewhere clean and comfortable for a few nights at a reasonable cost.

“We’ve had quite a lot of interest from both sides and we haven’t even pushed it very hard.

“The wife of one of the athletes is looking and she’s just trying to choose something in her budget. It’s mostly family groups, of threes, fives and twos.”

He said most home owners would expect to charge about £50 per night for a single room and about £120 for a family room.

The company matches people looking for rooms with the right home and takes a 10 per cent commission on room rates, to be paid in advance.

People who rent out a furnished room in their own home may be able to claim tax relief, as long as the total rent for the tax year is not more than £4,250, although the income must still be declared.

Mr Worsfold said renting out a room in an occupied house also meant there was less risk of squatters taking over.

“I saw a TV programme saying Redbridge was a hotspot for squatting and my instincts tell me (renting out an entire home) is going to be risky,” he added.

The company, which normally publishes guides to attractions along the River Thames, is looking for more home owners to register, via its website www.OB12.co.uk.

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