Landlords in the capital turning to short-term lets

  • 24/08/2017
  • 0
Landlords in the capital turning to short-term lets
New research from the Residential Landlords Association has suggested landlords in London are increasingly using their properties for short-term holiday lets via sites like Airbnb, rather than looking for longer-term tenants.

The trade body found that there has been a 75% increase in the number of multi-listings – where one individual advertises more than one property – on Airbnb between February 2016 and March 2017.

It also noted that the number of whole properties and rooms advertised on the site in the capital which are available for more than 90 nights a year has jumped by almost a quarter over the same period.

A previous survey of landlords by the RLA found that 7% have started to offer their properties as holiday lets through platforms like Airbnb, properties which would have previously been let over a longer basis in the private rented sector.

The trade body warned that if this was reflected across the whole sector, it would mean a minimum of 134,400 private rented homes leaving the market.

Brokers have previously reported growing interest among their landlord clients for pursuing short-term lets.

David Smith, RLA policy director, noted that landlords are tempted to make this move as a result of tax changes from the government, adding: “What we need is a tax system that encourages investment in homes to rent for the long term by good landlords. By skewing the market Government policy will serve only to hit the hardest those young people and families who most need a growing private rented sector to meet their needs.”

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