Love it or hate it… Airbnb is, possibly, the greatest property phenomenon of this decade – it’s no surprise that many property agents don’t share the interest.
However, the entrepreneurial auctioneer Toby Limbrick, Director, Network Auctions, spotted the upside for wannabe Airbnb-ers in his latest property auction catalogue. With over 150 million users worldwide – there’s certainly a market for short-term lets.
Toby said, ‘The opportunity to make a good income from short-term lets is something buyers are looking for. Airbnb is an attractive alternative to traditional buy-to-let investing due to the more favourable tax regime (you can offset mortgage interest expenses) and the less onerous tenant regulations. Increasingly, investors are looking for properties suited to the short-term holiday rental market to diversify their portfolio.’
Network Auctions 10th October sale currently has two potential lots Toby says may be of interest to short-term let investors:
4 Higher Tower Toad, Newquay, Cornwall, offers an investor an instant income as the property, a double-fronted freehold of 4 x 1 bedroom flats with parking, guide: £330-340,000, is currently let on ASTs producing £21,060 per annum. On Airbnb, properties in the location (Newquay town and Fistral beach), have daily rates starting at £50 up to £100 per night.
59 Gladstone Road, Watford, Hertfordshire, (no surfing here) is a spacious 4-bedroom end terrace property guided at £390,000+ being sold on behalf of the executors. Located in Watford, close to the town centre, the house is 5 minutes to Junction station and the free tourist bus to Warner Bros. Harry Potter studio tour – the ideal family base for ‘Potter’ fans with similar properties in the area commanding a starting rent of £200 per night.
Toby said, “Auction is the ideal place to pick up an Airbnb property – we sell unusual lots, but also strategically positioned properties that perhaps many people may overlook in a catalogue”.
Network Auctions next ballroom sale is at 2pm, 10th October at The Westbury Mayfair Hotel, London. www.networkauctions.co.uk