Campaigners says landlords using Airbnb and other short let platforms are “hollowing out our city” using one in every 32 London homes for short lets.
The London Renters Union activist group, speaking with the My London website, says its an inappropriate use of homes when Londoners face an “unprecedented” housing emergency.
A spokesperson for the group says: “While landlords get rich from this lucrative market, ordinary Londoners are forced to pay extortionate rents and face the threat of homelessness. The centre of our city is for everyone who lives here, not just tourists and the super-rich. Government must put renters first and crack down on the proliferation of short-term lets.”
A separate analysis by estate agency Savills – commissioned by a group of 12 central London councils – suggests some 117,000 homes in the capital were listed for short-term letting last year.
The agency found that 52% of the short lets in London were let for more than 90 days, which is the limit agreed between short let platforms and London Labour Mayor Sadiq Khan.
This most active borough is Westminster where there are over 16,000 short lets listed on platforms, with almost 14,000 being whole properties. The Labour leader ofd Westminster council says the proliferation of short lets stops Londoners from accessing affordable and secure housing and putting upward pressure on an already expensive private rental market.
“In Westminster alone, there are over 16,000 short-term rentals which detract from permanent, secure housing for residents. Councils in central London are working hard to enforce existing rules, but both further regulations, including a licensing scheme, and greater resources are needed to address this growing problem. London is a global city with a thriving tourism industry, but we need to get the balance right so that Londoners can continue to live in the city they call home” says a Westminster spokesperson.
The National Residential Landlords Association says the problem is made worse by red tape and taxes driving traditional landlords out of the private rental sector.
NRLA policy director Chris Norris tells My London: “The Government must recognise that the tax system discourages long-term investment in the private rented sector and persuades many that using their properties as short-term lets is their only option. Without pro-growth measures from the Treasury, such as providing mortgage interest relief and reforming stamp duty, we will see an increase in landlords turning to short-term lets.
“This will further reduce the availability of long-term homes for renters, exacerbating the supply issue and driving rents higher.”
This article is taken from Landlord Today