26th
Jul 2022
An insurance firm’s recent research finds further legislation of Airbnb and similar short lets platforms will ‘hurt’ millions in the UK.
The government has just undertaken a short-term holiday lets review following a major increase in short term lets in tourist ‘hotspots’ across England.
The Insurance firm’s research included analysis of the situation in 2018 and says it was “a normal year before the pandemic came into effect”, and compared to the same time period of January to May in 2022, found a seismic 102 per cent increase in numbers of UK holiday home lets.
The research studied 25,000 holiday homes which showed that the short lets ‘sensation’ caused the biggest increase in Yorkshire which is higher than Cornwall, Cumbria, Devon and Norfolk.
The insurance firm’s spokesman says: “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.”
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