The number of landlords - amateur and professional - offering short-term lets has trebled in the last year according to a rental website.
The number of would-be landlords offering short-term accommodation is up 100 per cent in the last eight weeks alone following the announcement by Communities Secretary Eric Pickles that the government will relax laws which currently require London home owners to obtain planning permission if they are looking to let short-term for less than 90 days.
Current legislation requires all private homeowners to apply for planning permission before renting out, but the Deregulation Bill will liberalise that regime.
Flatclub.com claims London landlords can now expect to achieve double the monthly rate for short-term rents. Whereas the average property in London fetches £1,412 a month on a professional long term let, for a 30 day let it could apparently reach £3,152.
But professional letting and sales agents have expressed concern at the proposed legal changes.
Martin Bikhit of Kay & Co says that although the initiative may benefit the market across much of the country, it does not take account of the capital's needs.
It will cause a severe lack of longer term permanent residential accommodation. The number of people prepared to pay very high rents for short term lets will tend to push out would-be long term tenants and owner occupiers. Permitting short term rents will effectively blight properties, turning blocks into badly managed hotels and resulting in long term residents having to put up with anti-social noise, lack of security and loss of neighbourliness he warns.
Comments