Thousands of renters can get payouts worth up to £5,000 – are you eligible?

THOUSANDS of renters can get up to £5,000 in FREE cash if they move to a smaller home.

A number of councils have schemes in place offering incentives for Brits to downsize and free up larger homes to bigger families who need it.

This is because of a housing shortage faced in many areas across the UK - which leaves large families no choice but to live in cramped living conditions.

To tackle the problem, some councils are offering payouts to encourage people to downsize from homes that are bigger than they need, including West Devon Borough Council.

The local authority announced last week that it would offer up to £5,000 for families to move somewhere smaller.

Under the scheme, residents will get a fixed payment of £1,000, and a "High Demand Area" payment of £2,500.

On top of that, you'll get £500 per bedroom which is "released" - which means the number of bedrooms you have given up to move to somewhere smaller.

So if you moved from a four-bedroom house to a two-bedroom property, you could get £4,500 in total - a £1,000 fixed payment, a £2,500 "High Demand Area" payment, and an extra £1,000 for giving up two bedrooms.

The maximum amount you can get is capped at £5,000.

However, you'll only be eligible for the help if you live in West Devon Borough Council's catchment area.