There should be “equal parity” between short-term lets and the private rental sector to ensure they meet the same standards, according to Propertymark.
Propertymark CEO, Nathan Emerson, said: “The increase in UK-holidaying has led to more landlords moving to short term lets”.
He added this is “affecting” the private rented sector as tenants are “struggling to find a property that they can rent in the long-term”.
“Inevitably, rents will continue to increase if there is a shortage of homes, therefore it is vital that the right balance is struck,” he said.
These comments come in response to the Office for National Statistics’ analysis on the short-term let sector.
This analysis found there were around 2.8mn stays in short-term lets booked through the three online collaborative economy platforms in the UK from July to September 2023.
With an average of 313,879 guests each day, this added up to around 28.9mn guest nights.
The analysis also revealed 63.6 per cent of guest nights were made up by domestic visitors, which equals 18.4mn altogether, while international visitors made up the remaining 36.4 per cent.
Emerson added that Propertymark has “long called” for parity between short-term lettings and the private rented sector as this would ensure that short-term lets meet the same standards as other rented properties.
In turn, this would “help address supply issues in the private rented sector”.
“Short term lets provide adaptability for property owners and give tourists additional accommodation choices, but at the same time this should not thwart local residents from being able to buy or rent homes in their areas,” he added.
tom.dunstan@ft.com
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