Studios and one-bed flats are available for less than £30000 jumping to four- and five-bed detached houses

Studios and one-bed flats are available for less than £30,000, jumping to four- and five-bed detached houses for £350,000. Halifax has three-bed houses selling for as little £109,950 but the price jumps to £140,000 in more popular areas. “Bassaleg has a good comprehensive school, and prices here are 15 to 20 per cent higher as a result,” says Tracey Sargent.SuburbiaFarthings estate agents, with offices in Magor and Chepstow, is selling a recently built three-bed detached Bellway home in Magor for £146,000, and a four-bed detached in Undy for £179,950.Period propertiesIn Caldicot, a newly modernised, flat-fronted, three-bed mid-terrace with period fireplace and 70-foot garden costs £95,000, a bay-fronted semi with conservatory is £145,000 and a new four-bed detached with garage is £169,950; at Halifax.Estate agentsPeter Alan, 01633 221892; Darlows, 01633 222255; Farthings, 01633 882222; Halifax, 01291 425055.. Have you drifted into stay-at-home mode, adding new furnishings here or a loft conversion there, instead of uprooting and moving on to bigger things? If so, you may find that spare bedroom is more than just a stop-gap for friends – it’s a genuine money-spinner. A survey by the Council of Mortgage Lenders showed that for the first time more than half January’s lending (£9.6bn) went on remortgages – a large propotion of which will be spent on renovation.So, when you draw up your next home-improvement plan, why not earn some extra money to help pay for it? Under the Government’s Rent-a-Room scheme, you can now let out a room or rooms for up to £4,250 a year – or just under £82 a week – tax-free. Obviously you need to find someone who is reliable – a friend or relative would be ideal – and to decide how long the tenancy should run. Then, if you wish your tenant to share your bathroom, WC, lounge and kitchen, the most flexible method is to set up a periodic tenancy.

This means you can let on a week-to-week or month-to-month basis and either party can end the tenancy at short notice. Otherwise you could let for a fixed term of, say, one year, though it might cause problems if you happen to fall out and are obliged to see the tenancy through.The other option is to let out a room on a non-share basis. This is known as an unprotected tenancy agreement, though it’ll give you and your tenant all the protection you’ll need. It means that if either party wishes to end the tenancy, it must be done with 28 days’ notice. Or, if eviction is necessary, you must issue a written “notice to quit” or, failing that, a county court possession to get rid of your tenant.Whichever option you choose, it is vital to draft a signed document detailing the tenancy’s terms and conditions plus agreed access areas. You must also do your own paperwork, as you cannot buy off-the-shelf rent-a-room contracts yet You could, however, use a solicitor or a lettings agency. Julie Westby, president of the National Association of Estate Agents, who owns two agencies in Manchester and Cheshire, says they always ask for an employer’s and previous landlord’s reference plus an agreement.In the past few months, Westby’s offices have been approached by a steady stream of rent-a-room landlords.

In return for the first month’s rent, her staff are happy to seek out and sign up suitable applicants. “Most of our business is from clients whose children have grown up and left home, couples who have recently split up, or those who have been made redundant and need extra cash. With the dramatic rise in house prices and extra stamp duty over the last two years, people who want more space have been more reluctant to move. Instead, they build extensions or conservatories.”One dedicated rent-a-roomer is Alastair McKee. Just after his university finals, he was living in Salford near Manchester when he saw a vacancy for a mortgage broker in Bath McKee applied and was successful.