New Regulations for Short Term LetsPosted October 26th, 2018
Yesterday I announced new regulations in respect of short-term lettings.
As homesharing has become more popular as a form of tourism letting, it has resulted in some professional landlords withdrawing houses and apartments that would normally be rented on a long-term basis to instead rent them out as short-term lets (STLs).
This is an unregulated activity, it is not homesharing as it is typically understood, and in a time of housing shortage it is unacceptable that rental homes would be withdrawn from the letting market, particularly in our cities and large towns where rents are high and supply is still constrained.
The reforms being presented here aim to bring homes, once available on the traditional rental market, back into typical long-term renting, to regulate for the first time STLs, and to allow homesharing to continue as it was originally meant to be – a homeowner hosting people in their own home for short periods of time.
To continue reading, go here.
To see a short video where I announce the measures, go here.