Helen Nugent

It’s good to share – and it could put money in your pocket

Would you rent out your cat? What about your lawnmower? Or your driveway?

That first one may not be practical but new research shows that, as a nation, we are embracing the sharing economy, whether that’s pets, home appliances or our living spaces.

It’s good to share. My sister has instilled that virtue in her young daughter although, admittedly, neither her nor I were very good at it when growing up. I recall many arguments over weekly deliveries of Just Seventeen magazine, not to mention rows about favourite toys and treasured books.

Maybe if money had changed hands, we would have been better at sharing? According to Lloyds Bank Insurance, last year a third of UK adults engaged in sharing economy transactions with one in 10 unlocking the earning potential of their assets by offering shared services themselves.

The latest Britain at Home report from Lloyds also found that of the adults who have embraced the sharing economy, nearly a third are looking to increase or maintain the same level of usage of these services in the future.

In fact, those people sharing their homes or property are so confident in the sharing economy’s lasting appeal they are making investments in order to maximise their earning potential: over a fifth have made adaptions to their home in order to rent it out, and a similar number have purchased items with the sole intention of renting them out.

So, what are the most popular shared items and services? Not surprisingly, property tops the list, whether that’s a single room or an entire house on a short-term let. Vehicles come next followed by property again, this time for long-term letting.

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