Holiday lets boom prompts call for regulation from agents
Propertymark says most agents believe short-term lets, such as Airbnb, have a negative impact on PRS.
Short-term lets in tourist hotspots are on the increase, and many agents are now calling for regulation of the sector
More than 75% of agents in holiday areas report that lets for short periods are rising quickly, and are increasingly popular since the Covid pandemic.
Propertymark has published the findings in its new report: The Impact of Short-Term Lets on UK Housing.
Propertymark says that governments across the UK need to find better ways to collect data on the use and location of short-term lets and holiday homes in order to target their approach effectively.
The rise in short term lets impacts both the sales and lettings market in different ways, but lettings agents overwhelmingly agree that it will negatively impact the private rented sector.
Significant impact
Data collected separately as part of Propertymark’s monthly Private Rented Sector Reports, reveals only between 5 and 10 per cent of member agents have at least one short-term let property in their portfolio.
The Government is considering introducing a licensing scheme with physical checks for short-term let premises in England, and this was a popular suggestion among respondents to Propertymark’s survey.
Timothy Douglas, head of policy and campaigns, says: “The issues surrounding short-term lets are back in focus as housing availability and affordability is high on the agenda.
“Feedback from our members shows that the issue is complex, very localised and is having a significant impact on the use and supply of housing across the country.”
The full Propertymark report is available here
This area is in desperate need of regulation.
The shrinking of the PRS is due in part to this entirely unregulated sector.
Welsh landlords are moving to this segment to frustrate Rent Smart Wales.
Devolved Government is just as flat footed as Westminster.