The rise of the short-term lettings industry has brought many complications to the housing sector, but experiences differ drastically by sales/lettings and across the country. Hearing from agents across the UK, will not only paint a wider picture, but also reveal nuances between local areas while exploring any potential benefits for landlords, tenants, agents, and communities.
A key concern is an impact it’s having on the PRS and the tenants who will suffer due to a fall in the number of properties available for long-term rent. Another problem arising is in sales prices, where demand for second homes often let on the short-term market, are pricing locals out of popular tourist spots. On the other hand, short-term lets could attract tourists to the area, boosting the local economy.
At the start of 2020, Propertymark commissioned research on the impact of short-term lets but since then, the landscape of short-term lets has changed and Propertymark now needs to understand the repercussions this is having in the market.
The impact of short-term lets
Nearly half a million properties could be left unavailable for residents looking to rent in the private rented sector. More landlords are exiting the market and moving into short-term lets due to the raft of legislative changes they have to face.
Whether agents are seeing drastic issues, or not impacted at all, Propertymark is asking that agents' thoughts be heard to strengthen its policy campaigns which help drive balanced, positive change in the industry.
Propertymark urges agents to share the survey with their peers to learn from the experiences of all property agents → input into Propertymark's short-term let survey
All answers are given in strict confidence and any quotes used to relay the results will not be attributable to any individual respondent. Any questions or further information, contact Phillip Nelson at [email protected].
Thank you to previous views submitted to us, we were able to respond to both the House of Lords Built Environment Committee and the Scottish and Welsh Government inquiries on short-term lets and second homes as well as engage with politicians across the UK who in certain parts of the country have seen private rented stock removed from the rental market and used as either short term rentals and/or holiday homes.
