Short-term letting has spiked in popularity with new data provided by Quotezone.co.uk revealing a 102% increase in the number of UK holidays homes let across January to May in 2022, compared with the same period in 2018, as Brits try to offset inflation costs with alternative incomes amidst the cost-of-living crisis.
But landlords need to prepare; the new government review of short-term tourist accommodations could challenge them with higher fees and regular checks.
The government crackdown on short-term rentals, including regular checks and higher fees, is set to impact many across the country.
But the impact is unlikely to be felt equally as the crackdown is going to impact some tourist hotspots more than others, particularly in those areas that are more reliant on Airbnb-style income.
Quotezone.co.uk’s data, which is based on over 25,000 holiday home insurance policies, shows that the changes will be most felt in Yorkshire which is currently leading the market in holiday home letting, as well as Cornwall, Devon, Cumbria, and Norfolk, which follow closely behind.
Founder of Quotezone.co.uk, Greg Wilson, said: “Our data supports the trend that Airbnb-style letting is increasing in England as many people rent parts of their home to generate funds. Short term and holiday rentals play an increasingly important role in the economy and are valuable sources of income for homeowners across the country.
“Therefore, while it’s important that the government reviews the challenges presented by short-term letting on local communities and does indeed put steps in place to protect them, it must be remembered that this is now an essential form of income for millions.
“As many are currently feeling the cost-of-living squeeze, it is exactly this additional revenue stream that could help get many through this tough period.”
SOURCE: Property Industry Eye | JULY 11, 2022 | MARC DA SILVA
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