With the cost of living going up and wages stagnating, it’s little surprise that more and more of us are looking for ways of making a bit of extra cash.

If you have a loft in your home that you’re not doing much with, did you know that you could be making some extra cash by renting that space out?

The Manchester Evening News recently highlighted this as one of many options open to homeowners who are keen for a bit of extra money.

Some people in Manchester are renting space for as much as £150 a month, so this could be a real money spinner. If you invest in storage conversions in Loughborough, you could even make some or all of the cost back by renting out the space.

Shaff Prabatani, who co-founded website Storemates.co.uk where people can search for household storage spaces in their area, explained that it’s often a cheaper and more convenient option than paying for a self-storage unit.

What’s more, the newspaper pointed out that you can keep £2,000 of your earnings tax free under the government’s sharing economy tax break.

Mr Prabatani pointed out that you don’t only have to rent out loft space, it could be a garage or even a spare room that you want to make some money from, but would rather not find a lodger for.

This could become an increasingly sought-after service, with more and more people downsizing and looking for safe and affordable spaces to store everything from keepsakes to family heirlooms.

A recent article for Mother Nature Network noted that the UK is home to 47 per cent of all self-storage facilities in Europe, indicating that there’s a high demand here for extra space.